Reddit (NYSE:RDDT) Reaches New 1-Year High – Here’s Why

Reddit, Inc. (NYSE:RDDT) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $214.41 and last traded at $215.34, with a volume of 1096784 shares trading hands. The stock had previously closed at $202.31.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on RDDT shares. Jefferies Financial Group raised their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Citigroup upped their price target on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Needham & Company LLC boosted their price objective on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. JMP Securities raised their target price on shares of Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Finally, Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $70.00 to $200.00 in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $159.70.

Reddit Price Performance

The stock has a 50-day moving average of $169.97 and a 200-day moving average of $110.05.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 245,357 shares of company stock worth $38,293,668.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit during the 4th quarter valued at $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the 4th quarter worth $33,000. Spire Wealth Management purchased a new position in shares of Reddit in the 4th quarter worth $35,000. Finally, Allworth Financial LP grew its holdings in shares of Reddit by 970.0% in the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after acquiring an additional 194 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.