Reddit (NYSE:RDDT) Sets New 12-Month High on Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) reached a new 52-week high on Monday after Raymond James raised their price target on the stock from $200.00 to $250.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $230.18 and last traded at $227.95, with a volume of 1086151 shares traded. The stock had previously closed at $225.23.

RDDT has been the subject of a number of other research reports. 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. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Guggenheim began coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. JMP Securities increased their price objective on Reddit from $160.00 to $190.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Finally, B. Riley raised their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $162.20.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their position. 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 ninety days.

Institutional Investors Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in RDDT. Jennison Associates LLC bought a new position in Reddit in the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its holdings in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the period. ARK Investment Management LLC grew its position in Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares in the last quarter. Wellington Management Group LLP grew its position in Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares during the last quarter.

Reddit Stock Down 0.4 %

The firm has a fifty day simple moving average of $176.42 and a two-hundred day simple moving average of $114.38.

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.