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

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 traded. The stock had previously closed at $136.27.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Loop Capital lifted their price objective on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. Needham & Company LLC upped their target price on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Bank of America lifted their price target 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. Finally, Raymond James increased their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

Reddit Price Performance

The stock has a 50-day moving average price of $92.06 and a two-hundred day moving average price of $71.24.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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 net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. Research analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 6,714 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the sale, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. This represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 8,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $60.00, for a total value of $480,000.00. Following the sale, the chief accounting officer now directly owns 66,238 shares in the company, valued at $3,974,280. This represents a 10.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 306,520 shares of company stock worth $27,251,297.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. BNP Paribas Financial Markets purchased a new stake in shares of Reddit in the first quarter valued at approximately $37,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Reddit during the 1st quarter worth about $37,015,000. Bamco Inc. NY purchased a new position in Reddit in the 1st quarter valued at about $14,796,000. Finally, Sandia Investment Management LP acquired a new stake in Reddit in the 1st 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.