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

Reddit, Inc. (NYSE:RDDT - Get Free Report) hit a new 52-week high during trading on Tuesday after Raymond James raised their price target on the stock from $150.00 to $200.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $191.00 and last traded at $189.50, with a volume of 5350168 shares. The stock had previously closed at $175.33.

A number of other research firms also recently weighed in on RDDT. The Goldman Sachs Group raised their price target on Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Needham & Company LLC boosted their target price on Reddit from $120.00 to $190.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. 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 report on Wednesday, January 8th. B. Riley boosted their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Finally, Wells Fargo & Company began coverage on shares of Reddit in a report on Wednesday, December 11th. They set an "overweight" rating and a $206.00 target price on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $154.25.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 5,000 shares of the company's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now directly owns 46,459 shares of the company's stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company's stock, valued at $73,735,305.75. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,357 shares of company stock worth $39,528,738.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently modified their holdings of RDDT. FMR LLC boosted its holdings in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new position in Reddit in the 3rd quarter worth about $474,403,000. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP increased its stake in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

Reddit Stock Up 7.7 %

The firm's 50 day moving average price is $158.98 and its 200-day moving average price is $101.53.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit's revenue for the quarter was up 67.9% compared to the same quarter last year. On average, research analysts forecast that Reddit, Inc. will post -3.48 EPS for the current year.

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.