Reddit Target of Unusually Large Options Trading (NYSE:RDDT)

Reddit, Inc. (NYSE:RDDT) was the recipient of unusually large options trading activity on Tuesday. Stock investors acquired 47,889 call options on the stock. This is an increase of 56% compared to the average volume of 30,742 call options.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RDDT shares. JMP Securities reiterated a “market outperform” rating and issued a $63.00 price objective on shares of Reddit in a report on Friday, May 17th. JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research report on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target on the stock. Loop Capital began coverage on shares of Reddit in a research note on Monday, April 15th. They set a “buy” rating and a $55.00 price objective on the stock. New Street Research assumed coverage on shares of Reddit in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 target price for the company. Finally, Robert W. Baird lifted their price target on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of 57.00.

Reddit Price Performance

Shares of NYSE:RDDT traded up 6.92 on Tuesday, hitting 73.51. The company had a trading volume of 6,074,500 shares, compared to its average volume of 4,955,240. The stock’s 50 day moving average is 56.00. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

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

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 6,618 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 390,064.92. Following the completion of the sale, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at approximately 5,292,517.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 390,064.92. Following the completion of the sale, the chief accounting officer now owns 89,795 shares in the company, valued at approximately 5,292,517.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 42,299 shares of the company’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 transaction of 2,493,103.06. Following the transaction, the chief executive officer now owns 689,157 shares in the company, valued at 40,618,913.58. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. Inclusive Capital Partners L.P. bought a new stake in shares of Reddit during the 1st quarter valued at $103,051,000. Vanguard Group Inc. bought a new stake in Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in Reddit during the first quarter worth about $37,015,000. Blackstone Inc. acquired a new stake in Reddit during the first quarter worth about $36,990,000. Finally, Bamco Inc. NY acquired a new position in shares of Reddit in the 1st quarter valued at approximately $14,796,000.

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.