Reddit (NYSE:RDDT) Hits New 1-Year High - Still a Buy?

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $214.41 and last traded at $215.34, with a volume of 1096784 shares trading hands. The stock had previously closed at $202.31.

Analyst Ratings Changes

Several research firms have recently issued reports on RDDT. Citigroup upped their price objective on Reddit from $120.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, December 20th. Jefferies Financial Group boosted their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Seaport Res Ptn raised Reddit to a "hold" rating in a research report on Thursday. Finally, Piper Sandler raised their target price on Reddit from $150.00 to $197.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $159.70.

Reddit Stock Performance

The firm's 50-day moving average is $174.72 and its 200-day moving average is $112.61.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 18,519 shares of the firm's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares of the company's stock, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 259,357 shares of company stock worth $41,121,108.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after buying an additional 120 shares during the period. UMB Bank n.a. lifted its stake in shares of Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Foundations Investment Advisors LLC boosted its holdings in shares of Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after buying an additional 155 shares in the last quarter. Finally, Plato Investment Management Ltd acquired a new position in shares of Reddit during the fourth quarter worth $27,000.

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.