Reddit (NYSE:RDDT) Hits New 52-Week High – What’s Next?

Reddit, Inc. (NYSE:RDDT)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $78.68 and last traded at $78.26, with a volume of 240315 shares trading hands. The stock had previously closed at $77.26.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Roth Mkm cut their target price on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research note on Thursday, August 1st. Needham & Company LLC lifted their target price on Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JMP Securities reiterated a “market outperform” rating and issued a $84.00 target price on shares of Reddit in a research note on Tuesday, July 30th. Finally, Morgan Stanley lifted their target price on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $70.28.

Reddit Trading Down 0.1 %

The stock has a fifty day moving average of $62.17 and a 200 day moving average of $58.61.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same period last year, the firm earned ($0.70) EPS. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. Analysts expect that Reddit, Inc. will post -4.11 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the transaction, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $66.20, for a total value of $926,800.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,993 shares of company stock valued at $19,517,419.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in the business. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit during the third quarter worth approximately $474,403,000. Inclusive Capital Partners L.P. purchased a new stake in shares of Reddit during the first quarter worth approximately $103,051,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth approximately $82,167,000. Bank of New York Mellon Corp increased its position in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares in the last quarter.

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.