Reddit Inc.’s filing revealed that its Chief Technology Officer Slowe Christopher Brian unloaded Company’s shares for reported $0.85 million on Oct 22 ’24. In the deal valued at $77.46 per share,11,000 shares were sold. As a result of this transaction, Slowe Christopher Brian now holds 339,295 shares worth roughly $27.61 million.
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Then, Slowe Christopher Brian sold 5,000 shares, generating $387,406 in total proceeds. Upon selling the shares at $77.48, the Chief Technology Officer now owns 30,068 shares.
Before that, Wong Jennifer L. sold 33,334 shares. Reddit Inc. shares valued at $2,542,458 were divested by the Chief Operating Officer at a price of $76.27 per share. As a result of the transaction, Wong Jennifer L. now holds 1,542,457 shares, worth roughly $125.49 million.
Jefferies initiated its Reddit Inc. [RDDT] rating to a Buy in a research note published on October 09, 2024; the price target was $90. A number of analysts have revised their coverage, including B. Riley Securities’s analysts, who began to cover the stock in mid September with a ‘”a Buy”‘ rating. Loop Capital also remained covering RDDT and has increased its forecast on August 01, 2024 with a “Buy” recommendation from previously “Hold” rating. ROTH MKM maintained its rating on July 26, 2024. It rated RDDT as “a Buy”.
Price Performance Review of RDDT
On Friday, Reddit Inc. [NYSE:RDDT] saw its stock jump 3.51% to $81.36. Over the last five days, the stock has gained 0.57%. Reddit Inc. shares have risen nearly 61.30% since the year began.
Levels Of Support And Resistance For RDDT Stock
The 24-hour chart illustrates a support level at 79.68, which if violated will result in even more drops to 78.00. On the upside, there is a resistance level at 82.38. A further resistance level may holdings at 83.40. The Relative Strength Index (RSI) on the 14-day chart is 71.40, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 3.29, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 2.90%. Stochastics %K at 81.64% indicates the stock is a selling.
How much short interest is there in Reddit Inc.?
A steep rise in short interest was recorded in Reddit Inc. stocks on 2024-10-15, growing by 1.88 million shares to a total of 7.11 million shares. Yahoo Finance data shows the prior-month short interest on 2024-09-13 was 5.23 million shares. There was a rise of 26.49%, which implies that there is a positive sentiment for the stock.
