Reddit (NYSE:RDDT) Sets New 1-Year High at $76.20

Reddit, Inc. (NYSE:RDDT)’s stock price 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 Analyst Weigh In

RDDT has been the subject of several recent research reports. Citigroup boosted their price objective on Reddit from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Bank of America initiated coverage on Reddit in a report on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price objective for the company. Piper Sandler boosted their price objective on Reddit from $50.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. The Goldman Sachs Group upped their price target on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC upped their price target on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. One equities research 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.com, the company has an average rating of “Moderate Buy” and a consensus price target of 58.33.

Reddit Stock Up 1.3 %

The firm’s 50-day moving average is 57.85.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. During the same period in the prior year, the business posted ($1.05) earnings per share. The firm’s revenue was up 48.4% on a year-over-year basis. Equities research analysts expect that Reddit, Inc. will post -4.71 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Benjamin Seong Lee sold 20,034 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 1,180,803.96. Following the sale, the insider now owns 259,312 shares in the company, valued at approximately 15,283,849.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares in the company, valued at approximately 37,195,855.20. The disclosure for this sale can be found here. Insiders sold a total of 192,689 shares of company stock valued at $11,357,090 in the last quarter.

Institutional Investors Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new stake in shares of Reddit during the 1st quarter worth $27,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit during the 1st quarter worth $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit during the 1st quarter worth $63,000. Sandia Investment Management LP acquired a new stake in shares of Reddit during the 1st quarter worth $79,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Reddit during the 1st quarter worth $265,000.

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.