Reddit (NYSE:RDDT) Sets New 12-Month High at $76.20

Reddit, Inc. (NYSE:RDDT) shares hit a new 52-week high on Friday . The stock traded as high as 76.20 and last traded at 73.93, with a volume of 967776 shares traded. The stock had previously closed at 73.62.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. Roth Mkm boosted their price objective on Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Raymond James assumed coverage on Reddit in a report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 price target for the company. The Goldman Sachs Group raised their price objective on shares of Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Roth Capital reiterated a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Finally, Piper Sandler raised their price target on shares of Reddit from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of 58.33.

Reddit Stock Down 0.9 %

The stock has a 50 day moving average of 58.40.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. During the same period last year, the firm earned ($1.05) EPS. The business’s quarterly revenue was up 48.4% compared to the same quarter last year. On average, analysts expect that Reddit, Inc. will post -4.71 EPS for the current year.

Insider Activity

In other Reddit news, insider Benjamin Seong Lee sold 20,034 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,180,803.96. Following the transaction, the insider now directly owns 259,312 shares of the company’s stock, valued at approximately 15,283,849.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Christopher Brian Slowe sold 33,019 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 1,946,139.86. Following the completion of the sale, the chief technology officer now directly owns 380,665 shares in the company, valued at 22,436,395.10. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 20,034 shares of Reddit stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 1,180,803.96. Following the transaction, the insider now directly owns 259,312 shares in the company, valued at 15,283,849.28. The disclosure for this sale can be found here. Insiders sold 192,689 shares of company stock worth $11,357,090 over the last three months.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. Global Retirement Partners LLC purchased a new stake in Reddit in the 1st quarter valued at about $27,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit during the first quarter valued at about $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the 1st quarter valued at approximately $63,000. Sandia Investment Management LP acquired a new position in shares of Reddit in the 1st quarter worth approximately $79,000. Finally, SG Americas Securities LLC purchased a new position in shares of Reddit during the 1st quarter worth approximately $265,000.

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.