Reddit (NYSE:RDDT) Sets New 12-Month High - Still a Buy?

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $196.83 and last traded at $194.05, with a volume of 5392908 shares changing hands. The stock had previously closed at $180.83.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of analyst reports. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. JMP Securities upped their price objective on Reddit from $160.00 to $190.00 and gave the company a "market outperform" rating in a research note on Monday, January 27th. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. Finally, Piper Sandler increased their price objective on Reddit from $150.00 to $197.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and a consensus target price of $159.70.

Reddit Stock Up 1.5 %

The firm's 50-day moving average is $168.76 and its two-hundred day moving average is $109.09.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company's stock, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the sale, the chief technology officer now owns 35,252 shares of the company's stock, valued at $6,491,655.80. The trade was a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock worth $38,293,668 over the last 90 days.

Institutional Investors Weigh In On Reddit

Institutional investors have recently made changes to their positions in the stock. FMR LLC increased its stake in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter valued at $474,403,000. Jennison Associates LLC acquired a new stake in Reddit during the 4th quarter worth $494,861,000. Point72 Asset Management L.P. lifted its holdings in Reddit by 3,172.0% during 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, Holocene Advisors LP grew its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the period.

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.