Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Reddit Inc. shares valued at $5,304,979 were purchased by JENNIFER WONG on Sep 19 ’24. At $63.66 per share, JENNIFER WONG acquired 83,333 shares.
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Also, Huffman Steve Ladd sold 110,408 shares, netting a total of over 6,533,806 in proceeds. Following the sale of shares at $59.18 each, the insider now holds 0 shares.
Before that, Huffman Steve Ladd had sold 14,000 shares from its account. In a trade valued at $828,660, the CEO & President traded Reddit Inc. shares for $59.19 each. Upon closing the transaction, the insider’s holdings decreased to 14,000 shares, worth approximately $42.08 million.
As published in a research note from Loop Capital on August 01, 2024, Reddit Inc. [RDDT] has been rated up from a Hold to a Buy and the price target has been revised to $75. Analysts at ROTH MKM resumed the stock at ‘”a Buy”‘ outlook in a report released in late July. As of July 16, 2024, Loop Capital has decreased its “Buy” rating to a “Hold” for RDDT. Earlier on May 08, 2024, Needham resumed 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 8.27%. Over the course of the year, Reddit Inc. shares have jumped approximately 27.99%. Nevertheless, trading volume fell to 5.1 million shares from 3.82 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 63.24, which, if violated, would cause prices to drop to 61.93. In the upper region, resistance lies at 66.53. The next price resistance is at 68.51. RSI (Relative Strength Index) is 64.16 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 3.92, which suggests the price will increase in the coming days. Percent R is at 22.03%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
