Reddit (NYSE:RDDT) Shares Gap Down to $73.51

Reddit, Inc. (NYSE:RDDT) gapped down prior to trading on Wednesday . The stock had previously closed at 73.51, but opened at 71.93. Reddit shares last traded at 72.31, with a volume of 579,615 shares changing hands.

Analyst Ratings Changes

Several brokerages recently weighed in on RDDT. Raymond James began coverage on shares of Reddit in a report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price target on the stock. The Goldman Sachs Group increased their price objective on shares of Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. 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 report on Wednesday, May 8th. Piper Sandler increased their price target on Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, New Street Research began coverage on Reddit in a report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of 58.33.

Reddit Stock Down 4.1 %

The company has a 50 day moving average of 56.62.

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

Insider Buying and Selling

In other news, CFO Andrew Vollero sold 50,580 shares of the firm’s 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 2,981,185.20. Following the transaction, the chief financial officer now owns 631,080 shares in the company, valued at 37,195,855.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction on Thursday, May 23rd. The shares were 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 of the company’s stock, valued at 37,195,855.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at 5,292,517.30. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock worth $11,357,090 in the last 90 days.

Institutional Investors Weigh In On Reddit

A number of large investors have recently made changes to their positions in RDDT. Congress Park Capital LLC acquired a new position in Reddit during the first quarter worth $279,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Reddit during the 1st quarter worth $2,057,000. Seven Grand Managers LLC acquired a new position in shares of Reddit during the 1st quarter valued at about $986,000. Global Retirement Partners LLC purchased a new stake in shares of Reddit in the first quarter valued at about $27,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Reddit in the first quarter valued at about $1,111,000.

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.