Reddit Inc (NYSE:RDDT) price on Wednesday, November 13, rose 3.37% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $132.06.
A look at the stock’s price movement, the close in the last trading session was $127.75, moving within a range at $128.8 and $135.07. Turning to its 52-week performance, $139.04 and $37.35 were the 52-week high and 52-week low respectively. Overall, RDDT moved 75.68% over the past month.
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Reddit Inc’s market cap currently stands at around $23.19 billion, with investors looking forward to this quarter’s earnings report slated for in December.
12 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 5 analyst(s) rate the stock as a Hold, 6 recommend RDDT as a Buy and 1 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
RDDT’s current price about 27.69% and 63.12% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 74.94, while 7-day volatility ratio is 6.34% and 5.71% in the 30-day chart. Further, Reddit Inc (RDDT) has a beta value of 0, and an average true range (ATR) of 7.01. Analysts have given the company’s stock an average 52-week price target of $84, forecast between a low of $45 and high of $120. Looking at the price targets, the low is 65.92% off current price level while to achieve the yearly target high, price needs to move 9.13%. Nonetheless, investors will most likely welcome a 36.39% jump to $84 which is the analysts’ median price.
If we refocus on Reddit Inc (NYSE:RDDT), historical trading data shows that trading volumes averaged 11.5 over the past 10 days and 5.40 million over the past 3 months. The company’s latest data on shares outstanding shows there are 175.58 million shares.
The 46.62% of Reddit Inc’s shares are in the hands of company insiders while institutional holders own 19.07% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 7.75 million on 2024-10-31, giving us a short ratio of 1.61. Current price change has pushed the stock 161.82% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the RDDT stock continues to rise going into the next quarter.
