Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. 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 $0.54 million following the completion of this transaction.
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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 $38.47 million.
As published in a research note from Needham on May 08, 2024, Reddit Inc. [RDDT] has been retained to a Buy and the price target has been revised to $63. Analysts at Deutsche Bank started covering the stock with ‘”a Buy”‘ outlook in a report released in mid April. As of April 16, 2024, BofA Securities has initiated its “Neutral” rating for RDDT. Earlier on April 15, 2024, ROTH MKM initiated its rating. Their recommendation was “a Buy” for RDDT stock.
Analyzing RDDT Stock Performance
During the last five days, there has been a drop of approximately -3.94%. Over the course of the year, Reddit Inc. shares have jumped approximately 7.38%. Nevertheless, trading volume fell to 3.28 million shares from 3.27 million shares the previous day.
Support And Resistance Levels for Reddit Inc. (RDDT)
According to the 24-hour chart, there is a support level at 52.43, which, if violated, would cause prices to drop to 50.69. In the upper region, resistance lies at 56.58. The next price resistance is at 58.99. RSI (Relative Strength Index) is 51.95 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.82, which suggests the price will decrease in the coming days. Percent R is at 61.80%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
