Reddit (NYSE:RDDT) Reaches New 1-Year High – What’s Next?

Reddit, Inc. (NYSE:RDDT) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $196.83 and last traded at $194.05, with a volume of 5392908 shares trading hands. The stock had previously closed at $180.83.

Analysts Set New Price Targets

RDDT has been the subject of several research analyst reports. Robert W. Baird lifted 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. JMP Securities upped their target price on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research note on Monday. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler increased their target price on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Down 1.4 %

The stock has a fifty day moving average of $166.86 and a 200 day moving average of $106.99.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, analysts anticipate that Reddit, Inc. will post -3.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their position. The transaction was disclosed in a legal 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 on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock worth $38,293,668 in the last 90 days.

Institutional Investors Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC bought a new position in shares of Reddit during the 2nd quarter valued at approximately $203,000. Truist Financial Corp bought a new position in Reddit during the second quarter valued at $266,000. SG Americas Securities LLC bought a new position in Reddit during the third quarter valued at $612,000. StoneCrest Wealth Management Inc. lifted its holdings in shares of 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 acquiring an additional 176 shares during the last quarter. Finally, Greenhouse Wealth Management LLC purchased a new position in shares of Reddit during the 3rd quarter worth about $258,000.

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.