Reddit (NYSE:RDDT) Shares Gap Up to $58.19

Reddit, Inc. (NYSE:RDDT - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at 58.19, but opened at 62.57. Reddit shares last traded at 60.81, with a volume of 1,851,726 shares traded.

Analyst Upgrades and Downgrades

RDDT has been the topic of several analyst reports. The Goldman Sachs Group increased their price target on Reddit from $40.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 9th. JMP Securities raised their target price on Reddit from $53.00 to $63.00 and gave the company a "market outperform" rating in a research report on Wednesday, May 8th. Piper Sandler raised their target price on Reddit from $50.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, May 8th. Raymond James started coverage on Reddit in a report on Monday, April 15th. They issued a "strong-buy" rating and a $50.00 price objective on the stock. Finally, Roth Capital reiterated a "buy" rating on shares of Reddit in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of 54.87.

Reddit Price Performance

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts' expectations of 213.99 million. The business's revenue for the quarter was up 48.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.05) earnings per share. On average, research analysts forecast that Reddit, Inc. will post -5.01 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company's stock, valued at 22,942,883.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares of the company's stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last 90 days.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Reddit during the first quarter worth about $9,864,000. Vanguard Group Inc. acquired a new position in Reddit during the first quarter worth about $82,167,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the first quarter worth about $63,000. SG Americas Securities LLC acquired a new position in Reddit during the first quarter worth about $265,000. Finally, BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter worth about $37,000.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.