Reddit (NYSE:RDDT) Sees Large Volume Increase

Reddit, Inc. (NYSE:RDDT - Get Free Report) shares saw strong trading volume on Monday . 3,137,521 shares traded hands during mid-day trading, a decline of 49% from the previous session's volume of 6,131,068 shares.The stock last traded at 59.25 and had previously closed at 53.53.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. JMP Securities lifted their price target on shares of Reddit from $53.00 to $63.00 and gave the company a "market outperform" rating in a report on Wednesday, May 8th. Sanford C. Bernstein boosted their target price on shares of Reddit from $40.00 to $45.00 and gave the company an "underperform" rating in a research note on Wednesday, May 8th. The Goldman Sachs Group boosted their target price on shares of Reddit from $40.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday. Needham & Company LLC boosted their target price on shares of Reddit from $55.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday, May 8th. Finally, Robert W. Baird boosted their target price on shares of Reddit from $50.00 to $59.00 and gave the company a "neutral" rating in a research note on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the prior year, the company earned ($1.05) EPS. Reddit's revenue for the quarter was up 48.4% compared to the same quarter last year. On average, sell-side analysts predict that Reddit, Inc. will post -5.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the company'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 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 approximately 22,942,883.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Steve Ladd Huffman sold 500,000 shares of the 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 transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 71,765 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the completion of the transaction, the chief financial officer now owns 681,660 shares of the company's stock, valued at approximately 22,017,618. The disclosure for this sale can be found here. In the last three months, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Investors Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. bought a new position in shares of Reddit in the 1st quarter valued at about $82,167,000. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $2,057,000. Commonwealth Equity Services LLC acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $1,111,000. Seven Grand Managers LLC acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $986,000. Finally, Congress Park Capital LLC acquired a new stake in shares of Reddit in the 1st quarter valued at approximately $279,000.

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.