Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Tuesday after Raymond James raised their price target on the stock from $150.00 to $200.00. Raymond James currently has a strong-buy rating on the stock. Reddit traded as high as $191.00 and last traded at $189.50, with a volume of 5350168 shares traded. The stock had previously closed at $175.33.
A number of other research firms have also weighed in on RDDT. Wells Fargo & Company assumed coverage on shares of Reddit in a research note on Wednesday, December 11th. They set an "overweight" rating and a $206.00 target price on the stock. Loop Capital upped their target price on shares of Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. JMP Securities upped their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a research note on Monday, November 25th. Bank of America upped their target price on shares of Reddit from $99.00 to $180.00 and gave the stock a "neutral" rating in a research note on Wednesday, January 8th. Finally, B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $154.25.
View Our Latest Analysis on RDDT
In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares of the company's stock, valued at $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 259,357 shares of company stock valued at $39,528,738.
Several hedge funds have recently modified their holdings of the stock. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the third quarter worth $474,403,000. Holocene Advisors LP raised its position in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. raised its position in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after acquiring an additional 1,548,450 shares in the last quarter.
The company has a 50-day simple moving average of $158.98 and a 200-day simple moving average of $101.53.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company's revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts expect that Reddit, Inc. will post -3.48 EPS for the current fiscal year.
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.
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