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

Reddit, Inc. (NYSE:RDDT)’s stock price 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 analysts recently weighed in on the stock. New Street Research assumed coverage on shares of Reddit in a report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price target on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. The Goldman Sachs Group boosted their target price on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. 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 target price on the stock. Finally, Citigroup boosted their target price on shares of Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of 58.33.

Reddit Stock Down 4.1 %

The firm has a 50-day moving average price of 56.62.

Reddit (NYSE:RDDT) last issued its earnings results 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 during the quarter, compared to analyst estimates of 213.99 million. During the same period last year, the business posted ($1.05) earnings per share. The business’s revenue was up 48.4% compared to the same quarter last year. As a group, analysts predict that Reddit, Inc. will post -4.71 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction dated 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 approximately 37,195,855.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 20,034 shares of the company’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 1,180,803.96. Following the sale, the insider now directly owns 259,312 shares of the company’s stock, valued at approximately 15,283,849.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 192,689 shares of company stock valued at $11,357,090.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit during the 1st quarter valued at about $103,051,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the 1st quarter valued at about $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Reddit during the 1st quarter valued at about $37,015,000. Blackstone Inc. bought a new position in shares of Reddit during the 1st quarter valued at approximately $36,990,000. Finally, Bamco Inc. NY bought a new position in shares of Reddit during the 1st quarter valued at approximately $14,796,000.

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.