Reddit Inc's (NYSE:RDDT) first earnings report came in even stronger than Wall Street expected, with first-quarter revenue handily beating estimates. The social media company also issued an upbeat fiscal second-quarter revenue forecast, with eight analysts raising their price targets after the event.
Reddit stock is up 5.3% at $51.99 at last glance, pulling back from its initial surge that brought it as high as $55. The equity has only been publicly traded since March, when it debuted with an initial public offering (IPO) price of $34. RDDT is up 15% so far this month.
Options traders are targeting RDDT in response, with 33,000 calls and 18,000 puts exchanged so far -- options volume that is already seven times the average daily amount. The weekly 5/10 55-strike call is the most popular, with new positions opening there.
Analysts are split on the security, with seven of the 14 in coverage carrying a "buy" or better, and the remaining seven says "hold" or worse. Meanwhile, short interest shed 24.7% during the last two weeks, but still represents 10.5% of the stock's available float.
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