Reddit (NYSE:RDDT) Hits New 52-Week High Following Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s share price reached a new 52-week high during mid-day trading on Tuesday after Raymond James raised their price target on the stock from $150.00 to $200.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $191.00 and last traded at $189.50, with a volume of 5350168 shares trading hands. The stock had previously closed at $175.33.

A number of other research analysts have also recently commented on the company. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective on the stock. Piper Sandler increased their price target on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. Loop Capital upped their price objective on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Finally, Citigroup increased their price objective on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $154.25.

Insider Activity

In related news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This trade represents a 9.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $73,735,305.75. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 226,023 shares of company stock valued at $33,730,955 in the last quarter.

Institutional Trading of Reddit

A number of institutional investors have recently modified their holdings of RDDT. ARK Investment Management LLC grew its position in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Wellington Management Group LLP grew its holdings in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period. Victory Capital Management Inc. lifted its holdings in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares in the last quarter. Geode Capital Management LLC increased its stake in Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after buying an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. acquired a new position in Reddit in the 3rd quarter valued at $7,490,000.

Reddit Price Performance

The stock’s 50-day moving average price is $158.98 and its 200 day moving average price is $101.53.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

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.