Reddit (NYSE:RDDT) Hits New 52-Week High on Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) reached a new 52-week high during trading on Monday after Raymond James raised their price target on the stock from $200.00 to $250.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $230.18 and last traded at $227.95, with a volume of 1086151 shares traded. The stock had previously closed at $225.23.

A number of other analysts also recently commented on the company. Guggenheim began coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Citigroup boosted their price target on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Bank of America boosted their target price on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Finally, Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $162.20.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock valued at $41,121,108 over the last ninety days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. FMR LLC increased its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Reddit in the 4th quarter valued at about $494,861,000. Holocene Advisors LP raised its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the period. Point72 Asset Management L.P. lifted its holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake in shares of Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

Reddit Stock Down 0.3 %

The stock’s 50 day moving average is $176.42 and its 200 day moving average is $114.38.

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.