Reddit (NYSE:RDDT) Reaches New 12-Month High – What’s Next?

Reddit, Inc. (NYSE:RDDT) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $159.83 and last traded at $158.51, with a volume of 2896370 shares traded. The stock had previously closed at $153.09.

Analyst Ratings Changes

RDDT has been the topic of a number of recent research reports. Citigroup lifted their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Bank of America lifted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Roth Mkm upped their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, JMP Securities increased their price objective on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $103.17.

Reddit Stock Up 6.3 %

The stock has a fifty day simple moving average of $108.29 and a two-hundred day simple moving average of $77.59.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate 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 net margin of 47.83% and a negative return on equity of 40.54%. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of 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 transaction 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 company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,644 shares of company stock worth $31,195,790.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. SOA Wealth Advisors LLC. bought a new position in Reddit in the 2nd quarter valued at about $78,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Reddit in the second quarter valued at approximately $19,876,000. Raymond James & Associates boosted its position in shares of Reddit by 706.1% during the second quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock valued at $2,724,000 after buying an additional 37,351 shares during the last quarter. Carnegie Investment Counsel bought a new stake in Reddit during the second quarter worth $8,068,000. Finally, Bank of New York Mellon Corp raised its position in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares during the last quarter.

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.