By otakuyassine3@gmail.com 
Reddit, Inc. (NYSE:RDDT – Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $182.20 and last traded at $179.85, with a volume of 1568290 shares traded. The stock had previously closed at $177.41.
Analysts Set New Price Targets
A number of brokerages have recently commented on RDDT. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Loop Capital raised their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Roth Mkm upped their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Needham & Company LLC boosted their price target on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average target price of $132.70.
Get Our Latest Analysis on Reddit
Reddit Trading Down 1.8 %
The business has a fifty day simple moving average of $137.51 and a 200 day simple moving average of $89.14.
Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, sell-side analysts expect that Reddit, Inc. will post -3.46 earnings per share for the current year.
Insider Activity
In related news, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the sale, the chief technology officer now owns 324,837 shares of the company’s stock, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 264,357 shares of company stock valued at $33,909,880.
Institutional Trading of Reddit
A number of large investors have recently modified their holdings of RDDT. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth about $42,000. Daiwa Securities Group Inc. bought a new position in Reddit in the 3rd quarter worth approximately $85,000. UMB Bank n.a. acquired a new stake in Reddit in the 2nd quarter valued at approximately $88,000. SOA Wealth Advisors LLC. raised its stake in 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 acquiring an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in Reddit during the 3rd quarter worth $144,000.
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.
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