Reddit (NYSE:RDDT) Sets New 1-Year High – Still a Buy?

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high on Friday . The company traded as high as $81.46 and last traded at $81.18, with a volume of 1236328 shares. The stock had previously closed at $78.60.

Analysts Set New Price Targets

A number of research firms recently issued reports on RDDT. Bank of America raised their price objective on shares of Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Sanford C. Bernstein lifted their price target on shares of Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. Jefferies Financial Group upped their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday. B. Riley raised their target price on Reddit from $75.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday. Finally, The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $72.78.

Reddit Stock Performance

The company has a 50-day moving average of $65.04 and a 200 day moving average of $59.82.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. During the same quarter last year, the company posted ($0.70) earnings per share. The firm’s revenue for the quarter was up 53.6% on a year-over-year basis. As a group, equities research analysts predict that Reddit, Inc. will post -4.1 EPS for the current year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This represents a 0.00 % 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. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 390,327 shares of company stock valued at $23,503,224.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the business. StoneCrest Wealth Management Inc. lifted its stake in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after acquiring an additional 176 shares during the last quarter. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter worth approximately $42,000. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter valued at approximately $37,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit during the second quarter valued at approximately $78,000. Finally, ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the first quarter worth approximately $63,000.

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.