Reddit (NYSE:RDDT) Reaches New 12-Month High - Still a Buy?

Reddit, Inc. (NYSE:RDDT - Get Free Report) reached a new 52-week high on Tuesday . The stock 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.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wells Fargo & Company began coverage on Reddit in a report on Wednesday, December 11th. They issued an "overweight" rating and a $206.00 target price on the stock. Morgan Stanley raised shares of Reddit from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. JMP Securities increased their price target on shares of Reddit from $160.00 to $190.00 and gave the company a "market outperform" rating in a report on Monday, January 27th. Jefferies Financial Group boosted their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, Piper Sandler increased their target price on shares of Reddit from $150.00 to $197.00 and gave the company an "overweight" rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seven have issued 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.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $159.70.

Reddit Stock Performance

The company's 50 day simple moving average is $169.97 and its two-hundred day simple moving average is $110.05.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, November 15th. The shares were 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 owns 651,775 shares of the company's stock, valued at $82,110,614.50. This represents a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the business's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at approximately $197,635,015.41. This represents a 2.12 % 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 in the last three months.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RDDT. Truist Financial Corp acquired a new position in shares of Reddit during the second quarter valued at $266,000. SG Americas Securities LLC bought a new stake in Reddit during the 3rd quarter worth about $612,000. StoneCrest Wealth Management Inc. lifted its position in Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company's stock valued at $451,000 after purchasing an additional 176 shares during the period. Greenhouse Wealth Management LLC bought a new position in shares of Reddit in the 3rd quarter valued at about $258,000. Finally, LifePro Asset Management acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $2,389,000.

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.