Reddit (NYSE:RDDT) Reaches New 52-Week High - Still a Buy?

Reddit, Inc. (NYSE:RDDT - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $159.83 and last traded at $158.51, with a volume of 2896370 shares traded. The stock had previously closed at $153.09.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Needham & Company LLC raised their price target on Reddit from $85.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Jefferies Financial Group raised their price target on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Finally, Citigroup raised their price target on Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $103.17.

Reddit Price Performance

The stock has a 50 day simple moving average of $108.29 and a two-hundred day simple moving average of $77.59.

Reddit (NYSE:RDDT - Get Free Report) last posted 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 firm 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 quarterly revenue was up 67.9% on a year-over-year basis. On average, equities research analysts predict that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares of the company's stock, valued at $90,032,538.09. This represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock worth $31,195,790 over the last ninety days.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB bought a new stake in Reddit in the 3rd quarter valued at $3,929,000. Sanctuary Advisors LLC bought a new stake in Reddit in the 3rd quarter valued at $144,000. SOA Wealth Advisors LLC. boosted its stake in Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock valued at $126,000 after purchasing an additional 691 shares during the period. Geode Capital Management LLC boosted its stake in Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company's stock valued at $54,355,000 after purchasing an additional 525,619 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new stake in Reddit in the 3rd quarter valued at $495,000.

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.