Reddit (NYSE:RDDT) Reaches New 52-Week High – Time to Buy?

Shares of Reddit, Inc. (NYSE:RDDT) hit a new 52-week high during trading on Wednesday . The company traded as high as $196.83 and last traded at $194.05, with a volume of 5392908 shares trading hands. The stock had previously closed at $180.83.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RDDT shares. Robert W. Baird raised their price objective on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Loop Capital increased their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Bank of America lifted their price target on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Jefferies Financial Group increased their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $159.70.

Reddit Trading Up 7.3 %

The firm has a 50-day moving average price of $164.41 and a 200 day moving average price of $105.48.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit, Inc. will post -3.48 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $73,735,305.75. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 264,357 shares of company stock valued at $40,449,488.

Institutional Investors Weigh In On Reddit

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

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.