Reddit (NYSE:RDDT) Shares Gap Up Following Earnings Beat

Reddit, Inc. (NYSE:RDDT - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $81.74, but opened at $104.90. Reddit shares last traded at $108.62, with a volume of 3,226,209 shares trading hands.

The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business's revenue for the quarter was up 67.9% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a report on Monday, October 7th. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a research report on Wednesday. JMP Securities raised their target price on Reddit from $84.00 to $118.00 and gave the stock a "market outperform" rating in a research report on Wednesday. The Goldman Sachs Group lifted their price objective on Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. Finally, Jefferies Financial Group lifted their price objective on Reddit from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Reddit has an average rating of "Moderate Buy" and an average target price of $89.72.

Insider Transactions at Reddit

In other news, Director Mary Porter Gale sold 30,000 shares of the business's stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares of the company's stock, valued at $3,738,020.29. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Reddit news, CTO Christopher Brian Slowe sold 21,000 shares of the company's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $1,133,790.00. Following the transaction, the chief technology officer now owns 339,295 shares of the company's stock, valued at approximately $18,318,537.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Porter Gale sold 30,000 shares of the company's stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.31, for a total value of $1,569,300.00. Following the transaction, the director now directly owns 71,459 shares in the company, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock valued at $23,503,224 in the last three months.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Whittier Trust Co. bought a new stake in shares of Reddit during the 3rd quarter valued at $42,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at $37,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter valued at $78,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the 1st quarter valued at $63,000. Finally, UMB Bank n.a. bought a new stake in shares of Reddit during the 2nd quarter valued at $88,000.

Reddit Trading Up 43.6 %

The firm's 50-day simple moving average is $66.61 and its 200 day simple moving average is $60.82.

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.