Reddit Inc’s filing revealed that its 10% Owner Tencent Holdings Ltd unloaded Company’s shares for reported $48.14 million on Nov 18 ’24. In the deal valued at $128.04 per share,375,984 shares were sold. As a result of this transaction, Tencent Holdings Ltd now holds 8,356,011 shares worth roughly $1.08 billion.
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Then, Tencent Holdings Ltd sold 265,290 shares, generating $35,064,181 in total proceeds. Upon selling the shares at $132.17, the 10% Owner now owns 8,973,304 shares.
Before that, Tencent Holdings Ltd sold 241,309 shares. Reddit Inc shares valued at $30,756,849 were divested by the 10% Owner at a price of $127.46 per share. As a result of the transaction, Tencent Holdings Ltd now holds 8,731,995 shares, worth roughly $1.13 billion.
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 Monday, Reddit Inc [NYSE:RDDT] saw its stock jump 3.72% to $129.42. Over the last five days, the stock has gained 0.15%. Reddit Inc shares have risen nearly 156.58% since the year began.
Levels Of Support And Resistance For RDDT Stock
The 24-hour chart illustrates a support level at 126.01, which if violated will result in even more drops to 122.60. On the upside, there is a resistance level at 131.48. A further resistance level may holdings at 133.54. The Relative Strength Index (RSI) on the 14-day chart is 68.78, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 4.24, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 27.54%. Stochastics %K at 78.91% indicates the stock is a holding.
How much short interest is there in Reddit Inc?
A steep rise in short interest was recorded in Reddit Inc stocks on 2024-10-31, growing by 0.64 million shares to a total of 7.75 million shares. Yahoo Finance data shows the prior-month short interest on 2024-09-30 was 7.11 million shares. There was a rise of 8.23%, which implies that there is a positive sentiment for the stock.
