Reddit (NYSE:RDDT) Reaches New 12-Month High on Analyst Upgrade

Reddit, Inc. (NYSE:RDDT) shares reached a new 52-week high on Tuesday after Raymond James raised their price target on the stock from $150.00 to $200.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $191.00 and last traded at $189.50, with a volume of 5350168 shares traded. The stock had previously closed at $175.33.

Other research analysts have also issued reports about the stock. Roth Mkm lifted their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Robert W. Baird raised their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Needham & Company LLC raised their price objective on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. lifted their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $154.25.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 226,023 shares of company stock worth $33,730,955.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RDDT. Ridgewood Investments LLC grew its holdings in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Whittier Trust Co. acquired a new stake in Reddit in the 3rd quarter valued at about $42,000. Daiwa Securities Group Inc. acquired a new position in shares of Reddit in the third quarter valued at $85,000. AdvisorNet Financial Inc boosted its holdings in shares of Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after acquiring an additional 201 shares during the period. Finally, SOA Wealth Advisors LLC. grew its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares in the last quarter.

Reddit Stock Performance

The business’s 50-day moving average is $158.98 and its 200 day moving average is $101.53.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, analysts anticipate that Reddit, Inc. will post -3.48 EPS for the current year.

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.