Reddit (NYSE:RDDT) Sets New 52-Week High – Here’s What Happened

Reddit, Inc. (NYSE:RDDT) shares reached a new 52-week high on Wednesday . The stock traded as high as $124.34 and last traded at $122.82, with a volume of 631668 shares traded. The stock had previously closed at $122.57.

Analyst Ratings Changes

RDDT has been the topic of a number of recent analyst reports. Bank of America boosted their target price on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. The Goldman Sachs Group boosted their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. B. Riley restated a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Finally, Raymond James boosted their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Stock Up 2.6 %

The stock’s fifty day moving average is $75.18 and its 200-day moving average is $64.35.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 company’s quarterly revenue was up 67.9% on a year-over-year basis. On average, analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Insider Activity

In related news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were 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 of the company’s stock, valued at approximately $5,314,909.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Mary Porter Gale sold 5,000 shares of the business’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 transaction, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $73,735,305.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 394,327 shares of company stock valued at $24,868,094 over the last 90 days.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in Reddit in the 1st quarter valued at $37,000. Whittier Trust Co. acquired a new position in shares of Reddit during the third quarter valued at about $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the second quarter valued at about $78,000. Sandia Investment Management LP acquired a new stake in Reddit during the first quarter worth about $79,000. Finally, UMB Bank n.a. acquired a new stake in Reddit during the second quarter worth about $88,000.

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.