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Needham reiterates Reddit Inc. (RDDT) rating to a Buy

Reddit Inc.’s recent filing unveils that its Chief Financial Officer Vollero Andrew unloaded Company’s shares for reported $2.98 million on May 23 ’24. In the deal valued at $58.94 per share,50,580 shares were sold. As a result of this transaction, Vollero Andrew now holds 631,080 shares worth roughly $46.39 million.

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Then, Huffman Steve Ladd sold 42,299 shares, generating $2,493,243 in total proceeds. Upon selling the shares at $58.94, the CEO & President now owns 689,157 shares.

Before that, Wong Jennifer L. sold 40,139 shares. Reddit Inc. shares valued at $2,365,925 were divested by the Chief Operating Officer at a price of $58.94 per share. As a result of the transaction, Wong Jennifer L. now holds 1,600,628 shares, worth roughly $117.66 million.

Needham reiterated its Reddit Inc. [RDDT] rating to a Buy in a research note published on May 08, 2024; the price target was $63. A number of analysts have revised their coverage, including Deutsche Bank’s analysts, who began to cover the stock in mid April with a ‘”a Buy”‘ rating. BofA Securities began covering RDDT with “Neutral” recommendation on April 16, 2024. ROTH MKM started covering the stock on April 15, 2024. It rated RDDT as “a Buy”.

Price Performance Review of RDDT

On Tuesday, Reddit Inc. [NYSE:RDDT] saw its stock jump 10.39% to $73.51. Over the last five days, the stock has gained 19.76%. Reddit Inc. shares have risen nearly 45.74% since the year began. A total of 6.06 million shares were traded, compared to the trading of 3.61 million shares in the previous session.

Levels Of Support And Resistance For RDDT Stock

The 24-hour chart illustrates a support level at 68.27, which if violated will result in even more drops to 63.02. On the upside, there is a resistance level at 76.14. A further resistance level may holdings at 78.76. The Relative Strength Index (RSI) on the 14-day chart is 70.96, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 5.49, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 0.05%. Stochastics%K at 80.83% indicates the stock is a selling.

The most recent change occurred on April 15, 2024 when Raymond James began covering the stock and recommended ‘”a Strong buy”‘ rating along with a $50 price target.

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