The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Reddit Inc. shares valued at $340,000 were purchased by Sauerberg Robert A. on Mar 25 ’24. At $34.00 per share, Sauerberg Robert A. acquired 10,000 shares. The insider’s holdings grew to 10,000 shares worth approximately $0.48 million following the completion of this transaction.
Also, Habiger David C purchased 3,000 shares, netting a total of over 102,000 in proceeds. Following the buying of shares at $34.00 each, the insider now holds 24,906 shares.
Before that, Huffman Steve Ladd had sold 500,000 shares from its account. In a trade valued at $16,150,000, the CEO & President traded Reddit Inc. shares for $32.30 each. Upon closing the transaction, the insider’s holdings decreased to 500,000 shares, worth approximately $33.88 million.
As published in their initiating research note from Deutsche Bank on April 16, 2024, Reddit Inc. [RDDT] has been a Buy and the price target has been revised to $50. Analysts at BofA Securities started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid April. As of April 15, 2024, ROTH MKM has initiated its “Buy” rating for RDDT. Earlier on April 15, 2024, Raymond James initiated its rating. Their recommendation was “a Strong buy” for RDDT stock.
Analyzing RDDT Stock Performance
During the last five days, there has been a surge of approximately 12.37%. Over the course of the year, Reddit Inc. shares have dropped approximately -5.43%.
Support And Resistance Levels for Reddit Inc. (RDDT)
According to the 24-hour chart, there is a support level at 45.73, which, if violated, would cause prices to drop to 43.77. In the upper region, resistance lies at 49.65. The next price resistance is at 51.61. RSI (Relative Strength Index) is 53.01 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 2.93, which suggests the price will increase in the coming days. Percent R is at 15.78%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
