In the latest trading session, 0.7 million Reddit Inc. (NYSE:RDDT) shares changed hands as the company’s beta touched 0. With the company’s most recent per share price at $78.66 changing hands around $1.37 or 1.77% at last look, the market valuation stands at $13.05B. RDDT’s current price is a discount, trading about -3.43% off its 52-week high of $81.36. The share price had its 52-week low at $37.35, which suggests the last value was 52.52% up since then. When we look at Reddit Inc.’s average trading volume, we note the 10-day average is 4.53 million shares, with the 3-month average coming to 4.14 million.
Analysts gave the Reddit Inc. (RDDT) stock a consensus recommendation rating of Buy, calculated at a mean rating of 1.84. If we narrow down to specifics, the data shows that 0 out of 12 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 5 recommended RDDT as a Hold, 6 felt it is a Buy and 0 rated the stock as Underweight.
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Reddit Inc. (NYSE:RDDT) trade information
Instantly RDDT is in green as seen in intraday trades today. With action 1.81%, the performance over the past five days has been green. The company’s shares are showing year-to-date upside of 55.95%, with the 5-day performance at 1.81% in the green. However, in the 30-day time frame, Reddit Inc. (NYSE:RDDT) is 17.47% up. Looking at the short shares, we see there were 7.11 million shares sold at short interest cover period of 1.37 days.
The consensus price target for the stock as assigned by Wall Street analysts is 70, meaning bulls need a downside of -12.37% from its recent market value. According to analyst projections, RDDT’s forecast low is 45 with 87 as the target high. To hit the forecast high, the stock’s price needs a -10.6% plunge from its current level, while the stock would need to tank 42.79% for it to hit the projected low.
Reddit Inc. (NYSE:RDDT)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 23.00% of Reddit Inc. shares while 41.10% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 53.37%.
Among Mutual Funds, the top two as of Aug 31, 2024 were Fidelity Contrafund Inc and Lord Abbett Securities Trust-Growth Leaders Fund. With 1.34 shares estimated at $105.35 million under it, the former controlled 1.41% of total outstanding shares. On the other hand, Lord Abbett Securities Trust-Growth Leaders Fund held about 0.98% of the shares, roughly 928.65 shares worth around $73.24 million.
