Reddit, Inc. (NYSE:RDDT – Get Free Report) was the recipient of unusually large options trading activity on Tuesday. Stock traders acquired 47,889 call options on the company. This is an increase of 56% compared to the average volume of 30,742 call options.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the company. Roth Capital restated a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Morgan Stanley assumed coverage on shares of Reddit in a research note on Monday, April 15th. They set an “equal weight” rating and a $45.00 target price for the company. Piper Sandler raised their price target on Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Roth Mkm raised their target price on Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Robert W. Baird upped their price target 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. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of 57.00.
Read Our Latest Report on RDDT
Insider Transactions at Reddit
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new position in shares of Reddit during the first quarter valued at about $27,000. BNP Paribas Financial Markets purchased a new position in Reddit during the 1st quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the 1st quarter worth approximately $63,000. Sandia Investment Management LP purchased a new stake in shares of Reddit during the 1st quarter worth approximately $79,000. Finally, SG Americas Securities LLC purchased a new position in shares of Reddit in the first quarter valued at $265,000.
Reddit Price Performance
Shares of RDDT stock traded up 6.92 on Tuesday, hitting 73.51. 6,074,500 shares of the stock traded hands, compared to its average volume of 4,955,240. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90. The business has a 50 day moving average price of 56.00.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business 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 company posted ($1.05) earnings per share. The firm’s revenue for the quarter was up 48.4% on a year-over-year basis. Equities research analysts expect that Reddit will post -4.71 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.
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