Reddit (NYSE:RDDT) Sets New 52-Week High – Here’s Why

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

Wall Street Analyst Weigh In

A number of brokerages have commented on RDDT. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. JMP Securities raised their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Sanford C. Bernstein lifted their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average target price of $132.70.

Reddit Stock Down 0.1 %

The firm has a fifty day moving average of $146.37 and a 200-day moving average of $93.23.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for 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 revenue for the quarter was up 67.9% compared to the same quarter last year. On average, equities analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,357 shares of company stock valued at $35,297,700.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. FMR LLC raised its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the third quarter worth about $474,403,000. Point72 Asset Management L.P. raised its position in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP lifted its holdings in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its position in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

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.