Reddit (NYSE:RDDT) Shares Gap Up After Analyst Upgrade

Reddit Inc. (NYSE:RDDT - Get Free Report) shares gapped up before the market opened on Wednesday after Citigroup raised their price target on the stock from $158.00 to $163.00. The stock had previously closed at $140.79, but opened at $150.91. Citigroup currently has a buy rating on the stock. Reddit shares last traded at $147.56, with a volume of 3,196,531 shares traded.

RDDT has been the topic of several other reports. Robert W. Baird reduced their price objective on Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Oppenheimer began coverage on Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective on the stock. Wells Fargo & Company set a $115.00 price objective on Reddit and gave the company an "equal weight" rating in a research note on Monday, May 19th. Loop Capital reduced their price objective on Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, June 12th. Finally, Royal Bank Of Canada began coverage on Reddit in a research note on Tuesday, June 3rd. They issued a "sector perform" rating and a $125.00 price objective on the stock. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.57.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total transaction of $12,024,033.20. Following the transaction, the chief executive officer now owns 577,013 shares of the company's stock, valued at approximately $55,768,306.45. This trade represents a 17.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 6,854 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.42, for a total value of $674,570.68. Following the transaction, the insider now directly owns 99,277 shares in the company, valued at approximately $9,770,842.34. The trade was a 6.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 617,285 shares of company stock worth $68,926,130 over the last ninety days. Corporate insiders own 34.25% of the company's stock.

Hedge Funds Weigh In On Reddit

Hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Chung Wu Investment Group LLC purchased a new position in shares of Reddit during the fourth quarter worth about $327,000. EPIQ Capital Group LLC purchased a new position in shares of Reddit during the fourth quarter worth about $26,658,000. Finally, Ogborne Capital Management LLC purchased a new position in shares of Reddit during the fourth quarter worth about $11,539,000.

Reddit Stock Down 0.5%

The stock has a fifty day moving average of $116.69 and a 200-day moving average of $141.95. The stock has a market cap of $26.42 billion, a PE ratio of 242.73, a price-to-earnings-growth ratio of 3.70 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter last year, the company posted ($8.19) earnings per share. The business's revenue was up 61.5% on a year-over-year basis. Equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company Profile

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.