Reddit (NYSE:RDDT) Shares Gap Up to $59.15

Reddit, Inc. (NYSE:RDDT)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $59.15, but opened at $61.37. Reddit shares last traded at $60.06, with a volume of 611,883 shares traded.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Reddit in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Thursday, August 1st. Finally, Morgan Stanley increased their price target on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $65.56.

Reddit Stock Up 2.9 %

The stock has a fifty day moving average of $59.74.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same quarter last year, the firm posted ($0.70) EPS. The firm’s quarterly revenue was up 53.6% on a year-over-year basis. On average, analysts forecast that Reddit, Inc. will post -4.17 EPS for the current year.

Insider Activity

In related news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the transaction, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the transaction, the director now directly owns 101,459 shares of the company’s stock, valued at $5,349,933.07. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 251,706 shares of company stock worth $13,896,591.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently bought and sold shares of the business. Inclusive Capital Partners L.P. acquired a new position in Reddit in the first quarter valued at approximately $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the 1st quarter valued at approximately $82,167,000. Bank of New York Mellon Corp boosted its position in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after purchasing an additional 153,282 shares during the period. Marshall Wace LLP grew its stake in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Reddit in the first quarter worth $37,015,000.

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.