Reddit (NYSE:RDDT) Reaches New 12-Month High – What’s Next?

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $214.41 and last traded at $215.34, with a volume of 1096784 shares traded. The stock had previously closed at $202.31.

Analysts Set New Price Targets

A number of analysts have issued reports on RDDT shares. Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Needham & Company LLC increased their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and upped their target price for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $200.00 in a research report on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $159.70.

Reddit Stock Up 5.2 %

The firm’s 50 day moving average is $169.97 and its 200-day moving average is $110.05.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 21,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.01, for a total value of $3,066,210.00. Following the transaction, the chief technology officer now owns 297,925 shares of the company’s stock, valued at $43,500,029.25. This represents a 6.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. 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 Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. Truist Financial Corp acquired a new position in Reddit in the 2nd quarter valued at about $266,000. SG Americas Securities LLC acquired a new position in shares of Reddit during the 3rd quarter worth about $612,000. StoneCrest Wealth Management Inc. boosted its position in shares of Reddit by 2.6% during 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 in the last quarter. Greenhouse Wealth Management LLC acquired a new stake in shares of Reddit during the 3rd quarter worth about $258,000. Finally, LifePro Asset Management purchased a new stake in Reddit during the third quarter worth approximately $2,389,000.

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.