Reddit (NYSE:RDDT) Sets New 12-Month High – Here’s What Happened

Shares of Reddit, Inc. (NYSE:RDDT) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $187.48 and last traded at $187.01, with a volume of 863235 shares changing hands. The stock had previously closed at $177.74.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RDDT shares. Jefferies Financial Group lifted their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Wells Fargo & Company initiated coverage on Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 target price on the stock. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Finally, Morgan Stanley upgraded shares of 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 report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.70.

Reddit Price Performance

The firm has a 50 day moving average of $150.17 and a 200-day moving average of $94.90.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share 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 firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. On average, research analysts predict that Reddit, Inc. will post -3.46 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the sale, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 14.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, 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 Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 264,357 shares of company stock worth $35,297,700 over the last ninety days.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the stock. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter valued at approximately $42,000. Daiwa Securities Group Inc. acquired a new position in shares of Reddit during the third quarter worth $85,000. SOA Wealth Advisors LLC. lifted its stake in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after acquiring an additional 691 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Reddit during the 3rd quarter valued at $144,000. Finally, Hsbc Holdings PLC bought a new stake in Reddit during the 2nd quarter worth $203,000.

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.