Reddit (NYSE:RDDT) Reaches New 1-Year High – What’s Next?

Reddit, Inc. (NYSE:RDDT)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $124.34 and last traded at $122.82, with a volume of 631668 shares. The stock had previously closed at $122.57.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Raymond James boosted their price objective on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Bank of America lifted their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Loop Capital increased their target price on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. raised their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Morgan Stanley upped their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Stock Performance

The stock has a 50 day moving average of $75.18 and a 200 day moving average of $64.35.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping 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 company’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, 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 directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at $3,842,748. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 394,327 shares of company stock worth $24,868,094.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter worth $37,000. Whittier Trust Co. bought a new stake in Reddit in the third quarter worth about $42,000. SOA Wealth Advisors LLC. acquired a new stake in Reddit in the 2nd quarter valued at about $78,000. Sandia Investment Management LP bought a new position in shares of Reddit during the 1st quarter valued at about $79,000. Finally, UMB Bank n.a. acquired a new position in shares of Reddit in the 2nd quarter worth approximately $88,000.

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.