Reddit (NYSE:RDDT) Sets New 1-Year High – Here’s Why

Reddit, Inc. (NYSE:RDDT)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $214.41 and last traded at $215.34, with a volume of 1096784 shares. The stock had previously closed at $202.31.

Analyst Ratings Changes

RDDT has been the subject of a number of analyst reports. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Citigroup boosted their target price on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Bank of America increased their price target on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Piper Sandler boosted their price objective on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Finally, Robert W. Baird raised their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $159.70.

Reddit Stock Up 2.6 %

The stock’s fifty day simple moving average is $173.19 and its 200-day simple moving average is $111.88.

Insider Buying and Selling

In other news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock valued at $41,121,108 over the last 90 days.

Institutional Trading of Reddit

Several large investors have recently bought and sold shares of RDDT. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. UMB Bank n.a. increased its holdings in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares in the last quarter. Foundations Investment Advisors LLC raised its position in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 shares during the last quarter. Plato Investment Management Ltd bought a new stake in shares of Reddit during the fourth quarter worth about $27,000. Finally, Kingsview Wealth Management LLC increased its stake in shares of Reddit by 4.5% in the fourth quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company’s stock valued at $651,000 after buying an additional 171 shares during the period.

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.