Reddit (NYSE:RDDT) Hits New 52-Week High - What's Next?

Shares of Reddit, Inc. (NYSE:RDDT - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $182.20 and last traded at $179.85, with a volume of 1568290 shares changing hands. The stock had previously closed at $177.41.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RDDT. The Goldman Sachs Group upped their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their price target on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a report on Monday, October 7th. Morgan Stanley raised Reddit from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a research report on Wednesday, December 11th. Finally, Bank of America lifted their target price on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of "Moderate Buy" and a consensus price target of $132.70.

Reddit Stock Down 0.4 %

The company's 50 day moving average price is $135.66 and its two-hundred day moving average price is $88.35.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm's revenue for the quarter was up 67.9% on a year-over-year basis. As a group, sell-side analysts expect that Reddit, Inc. will post -3.46 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company's stock, valued at approximately $43,147,505. The trade was a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the sale, the chief technology officer now directly owns 324,837 shares of the company's stock, valued at $55,173,564.45. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 264,357 shares of company stock valued at $33,909,880.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of RDDT. Whittier Trust Co. purchased a new stake in shares of Reddit in the third quarter valued at approximately $42,000. Daiwa Securities Group Inc. acquired a new stake in Reddit in the 3rd quarter valued at $85,000. UMB Bank n.a. acquired a new position in Reddit during the second quarter worth $88,000. SOA Wealth Advisors LLC. raised its position in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock worth $126,000 after acquiring an additional 691 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Reddit in the third quarter valued at about $144,000.

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.