Reddit (NYSE:RDDT) Sets New 12-Month High – Here’s What Happened

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $182.20 and last traded at $179.85, with a volume of 1568290 shares trading hands. The stock had previously closed at $177.41.

Analysts Set New Price Targets

Several research firms have issued reports on RDDT. B. Riley reiterated a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Bank of America upped their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. 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 note on Monday, October 14th. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, Citigroup lifted their price target on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $132.70.

Reddit Stock Performance

The stock has a 50 day moving average price of $133.65 and a 200-day moving average price of $87.73.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total value of $2,542,384.18. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $117,643,195.39. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $43,147,505. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,357 shares of company stock valued at $32,041,530 over the last three months.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. StoneCrest Wealth Management Inc. raised its holdings in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Reddit during the third quarter valued at about $42,000. SOA Wealth Advisors LLC. raised its stake in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after buying an additional 691 shares in the last quarter. MML Investors Services LLC raised its stake in Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after buying an additional 757 shares in the last quarter. Finally, Vestor Capital LLC lifted its holdings in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after buying an additional 922 shares during the period.

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.