Reddit (NYSE:RDDT) Sets New 52-Week High on Analyst Upgrade

Reddit, Inc. (NYSE:RDDT) reached a new 52-week high during trading on Monday after Raymond James raised their price target on the stock from $200.00 to $250.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $230.18 and last traded at $227.95, with a volume of 1086151 shares trading hands. The stock had previously closed at $225.23.

Several other equities analysts have also commented on the company. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Robert W. Baird raised their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. B. Riley lifted their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Loop Capital raised their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Finally, Wells Fargo & Company began coverage on shares of Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.20.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. The trade was a 2.74 % 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 $41,121,108.

Institutional Trading of Reddit

Institutional investors have recently made changes to their positions in the business. Jennison Associates LLC bought a new stake in Reddit during the fourth quarter worth about $494,861,000. Renaissance Capital LLC grew its position in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares during the last quarter. ARK Investment Management LLC increased its holdings in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Wellington Management Group LLP raised its position in Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares during the last quarter.

Reddit Stock Down 0.4 %

The stock has a 50 day moving average price of $176.42 and a two-hundred day moving average price of $114.38.

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.