Reddit (NYSE:RDDT) Hits New 52-Week High After Analyst Upgrade

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after JMP Securities raised their price target on the stock from $84.00 to $118.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $119.17 and last traded at $116.38, with a volume of 629567 shares traded. The stock had previously closed at $116.05.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group increased their target price on Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Roth Mkm boosted their target price on shares of Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research note on Wednesday. Needham & Company LLC upped their target price on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday. Jefferies Financial Group raised their price target on Reddit from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Finally, Piper Sandler restated an "overweight" rating and set a $115.00 price objective (up from $70.00) on shares of Reddit in a research note on Wednesday. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $89.72.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 45,807 shares of the company's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares in the company, valued at $10,499,597.27. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Benjamin Seong Lee sold 45,807 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares of the company's stock, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 over the last quarter.

Hedge Funds Weigh In On Reddit

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new position in shares of Reddit in the 1st quarter valued at $37,000. Whittier Trust Co. acquired a new position in shares of Reddit in the third quarter worth about $42,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the first quarter worth approximately $63,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit in the 2nd quarter valued at approximately $78,000. Finally, Sandia Investment Management LP acquired a new position in Reddit in the 1st quarter worth approximately $79,000.

Reddit Stock Performance

The firm's 50-day simple moving average is $67.80 and its two-hundred day simple moving average is $61.21.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts' expectations of $313.61 million. The company's revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities analysts anticipate that Reddit, Inc. will post -4.05 earnings per share for the current year.

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.