Reddit (NYSE:RDDT) Reaches New 52-Week High – Still a Buy?

Reddit, Inc. (NYSE:RDDT)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $182.20 and last traded at $179.85, with a volume of 1568290 shares. The stock had previously closed at $177.41.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research reports. Citigroup lifted their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley reiterated a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. JMP Securities upped their target price on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. Finally, Bank of America raised 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. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $132.70.

Reddit Stock Up 0.7 %

The stock has a fifty day moving average price of $133.65 and a two-hundred day moving average price of $87.73.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping 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 analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts forecast that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $265,102,260.31. This trade represents a 2.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now owns 620,971 shares in the company, valued at approximately $109,415,090.20. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,357 shares of company stock worth $32,041,530 in the last ninety days.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in RDDT. StoneCrest Wealth Management Inc. raised its holdings in Reddit by 2.6% during 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 period. Whittier Trust Co. purchased a new position in shares of Reddit in the third quarter valued at $42,000. SOA Wealth Advisors LLC. raised its stake in shares of Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the period. MML Investors Services LLC lifted its holdings in Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after purchasing an additional 757 shares in the last quarter. Finally, Vestor Capital LLC boosted its stake in Reddit by 1.1% in the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after purchasing an additional 922 shares during the period.

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.