Reddit (NYSE:RDDT) Sets New 1-Year High – Here’s Why

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $124.34 and last traded at $122.82, with a volume of 631668 shares trading hands. The stock had previously closed at $122.57.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. Loop Capital boosted their price objective on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America lifted their price objective on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Roth Mkm boosted their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group increased their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, JMP Securities upped their target price on Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Price Performance

The company has a 50-day moving average price of $72.42 and a 200-day moving average price of $63.48.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. Sell-side analysts predict that Reddit, Inc. will post -3.63 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the sale, the chief executive officer now owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the transaction, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 409,327 shares of company stock worth $25,659,044 in the last ninety days.

Institutional Investors Weigh In On Reddit

Several large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter valued at $37,000. Whittier Trust Co. acquired a new stake in shares of Reddit during the 3rd quarter worth about $42,000. ANTIPODES PARTNERS Ltd bought a new position in Reddit during the 1st quarter valued at about $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the second quarter valued at about $78,000. Finally, Sandia Investment Management LP bought a new stake in Reddit during the first quarter worth about $79,000.

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.