Reddit (NYSE:RDDT) Hits New 1-Year High After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high during trading 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 trading hands. The stock had previously closed at $225.23.

A number of other equities research analysts have also commented on the company. Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $70.00 to $200.00 in a research report on Monday, December 9th. Needham & Company LLC lifted their price target on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and raised their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Guggenheim assumed coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, Loop Capital upped their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $162.20.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at $6,491,655.80. The trade was a 12.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $82,110,614.50. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock worth $41,121,108 over the last three months.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the business. Axxcess Wealth Management LLC bought a new position in Reddit in the 4th quarter worth $455,000. Glenview Trust co purchased a new position in shares of Reddit in the fourth quarter valued at $490,000. Harbour Investments Inc. purchased a new position in shares of Reddit in the 4th quarter worth approximately $540,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Reddit during the 4th quarter valued at approximately $609,000. Finally, Natixis Advisors LLC purchased a new position in Reddit during the fourth quarter worth $2,549,000.

Reddit Stock Performance

The stock’s 50-day simple moving average is $176.42 and its two-hundred day simple moving average is $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.