Reddit (NYSE:RDDT) Hits New 1-Year High on Analyst Upgrade

Shares of Reddit, Inc. (NYSE:RDDT) hit a new 52-week high 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. The stock had previously closed at $225.23.

Other research analysts have also recently issued reports about the stock. Loop Capital boosted their price objective on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $70.00 to $200.00 in a report on Monday, December 9th. Finally, Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $162.20.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock worth $41,121,108 in the last 90 days.

Institutional Trading of Reddit

Large investors have recently made changes to their positions in the stock. GQG Partners LLC bought a new stake in shares of Reddit in the fourth quarter valued at about $271,539,000. Prudential Financial Inc. purchased a new position in Reddit during the fourth quarter valued at approximately $351,000. Vanguard Group Inc. raised its stake in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. LPL Financial LLC lifted its holdings in Reddit by 229.9% during the fourth quarter. LPL Financial LLC now owns 65,784 shares of the company’s stock worth $10,752,000 after buying an additional 45,844 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new stake in Reddit during the 4th quarter valued at $1,863,000.

Reddit Price Performance

The company has a 50-day moving average price of $178.08 and a 200 day moving average price of $115.53.

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.