Reddit Sees Unusually High Options Volume (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT) saw some unusual options trading on Tuesday. Investors bought 47,889 call options on the stock. This represents an increase of approximately 56% compared to the typical daily volume of 30,742 call options.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Citigroup increased their price target on shares of Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, May 17th. Raymond James assumed coverage on Reddit in a research note on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price target on the stock. Needham & Company LLC lifted their price objective on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, June 18th. Bank of America started coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price on the stock. Finally, Morgan Stanley started coverage on shares of Reddit in a report on Monday, April 15th. They set an “equal weight” rating and a $45.00 price target for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of 57.00.

Reddit Price Performance

Shares of RDDT stock opened at 73.51 on Wednesday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90. The company has a fifty day moving average price of 56.62.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the previous year, the business earned ($1.05) EPS. Reddit’s quarterly revenue was up 48.4% compared to the same quarter last year. Equities analysts expect that Reddit will post -4.71 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,981,185.20. Following the transaction, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,493,103.06. Following the completion of the sale, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at 40,618,913.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The disclosure for this sale can be found here. Insiders have sold a total of 192,689 shares of company stock worth $11,357,090 over the last 90 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the 1st quarter worth about $37,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the 1st quarter valued at about $63,000. Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter valued at about $79,000. Finally, SG Americas Securities LLC bought a new stake in Reddit during the first quarter worth about $265,000.

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.