Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Reddit Inc. shares valued at $2,981,352 were sold by Vollero Andrew on May 23 ’24. At $58.94 per share, Vollero Andrew sold 50,580 shares. The insider’s holdings dropped to 631,080 shares worth approximately $40.12 million following the completion of this transaction.
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Also, Huffman Steve Ladd sold 42,299 shares, netting a total of over 2,493,243 in proceeds. Following the sale of shares at $58.94 each, the insider now holds 689,157 shares.
Before that, Wong Jennifer L. had sold 40,139 shares from its account. In a trade valued at $2,365,925, the Chief Operating Officer traded Reddit Inc. shares for $58.94 each. Upon closing the transaction, the insider’s holdings decreased to 40,139 shares, worth approximately $101.77 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 surge of approximately 10.73%. Over the course of the year, Reddit Inc. shares have jumped approximately 26.05%. Nevertheless, trading volume fell to 1.54 million shares from 3.83 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 62.17, which, if violated, would cause prices to drop to 60.77. In the upper region, resistance lies at 64.84. The next price resistance is at 66.11. RSI (Relative Strength Index) is 58.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.99, which suggests the price will increase in the coming days. Percent R is at 39.70%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
