Reddit (NYSE:RDDT) Sets New 52-Week High – Still a Buy?

Shares of Reddit, Inc. (NYSE:RDDT) reached a new 52-week high on Thursday . The company traded as high as $141.37 and last traded at $141.37, with a volume of 90539 shares changing hands. The stock had previously closed at $136.27.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RDDT shares. Needham & Company LLC raised their target price on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Sanford C. Bernstein raised their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Cannonball Research assumed coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target for the company. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $91.67.

Reddit Stock Up 9.4 %

The firm has a 50 day simple moving average of $88.35 and a 200-day simple moving average of $69.95.

Reddit (NYSE:RDDT) last posted 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities research analysts expect that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Insider Activity

In related news, Director Mary Porter Gale sold 5,000 shares of the company’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 value of $572,000.00. Following the sale, the director now owns 46,459 shares in the company, valued at $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,001 shares of company stock worth $21,480,202 over the last 90 days.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently bought and sold shares of RDDT. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter valued at $42,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the 1st quarter worth $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the 2nd quarter worth $78,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit in the 3rd quarter worth $85,000. Finally, UMB Bank n.a. acquired a new stake in shares of Reddit in the 2nd quarter worth $88,000.

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.