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

Reddit, Inc. (NYSE:RDDT)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $141.37 and last traded at $141.37, with a volume of 90539 shares trading hands. The stock had previously closed at $136.27.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Citigroup boosted their price objective on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. B. Riley reiterated a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Bank of America boosted their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Needham & Company LLC boosted their price objective on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.67.

Reddit Trading Up 9.4 %

The stock’s 50-day simple moving average is $88.35 and its 200-day simple moving average is $69.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,001 shares of company stock valued at $21,480,202 in the last three months.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. grew its holdings in Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter. Geode Capital Management LLC grew its holdings in Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock valued at $54,355,000 after buying an additional 525,619 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Reddit in the third quarter valued at $495,000. MML Investors Services LLC grew its holdings in shares of Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after purchasing an additional 757 shares in the last quarter. Finally, Anson Funds Management LP purchased a new position in shares of Reddit in the third quarter valued at $3,296,000.

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.