Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Reddit Inc shares valued at $1,580,200,000 were purchased by Advance Magazine Publishers In on Nov 21 ’24. At $158.02 per share, Advance Magazine Publishers In acquired 10,000,000 shares.
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Also, Tencent Holdings Ltd sold 654,979 shares, netting a total of over 88,463,008 in proceeds. Following the sale of shares at $135.06 each, the insider now holds 7,701,032 shares.
Before that, Wong Jennifer L. had sold 33,333 shares from its account. In a trade valued at $4,270,905, the Chief Operating Officer traded Reddit Inc shares for $128.13 each. Upon closing the transaction, the insider’s holdings decreased to 33,333 shares, worth approximately $243.74 million.
As published in their initiating research note from Jefferies on October 09, 2024, Reddit Inc [RDDT] has been a Buy and the price target has been revised to $90. Analysts at B. Riley Securities started covering the stock with ‘”a Buy”‘ outlook in a report released in mid September. As of August 01, 2024, Loop Capital has increased its “Hold” rating to a “Buy” for RDDT. Earlier on July 26, 2024, ROTH MKM 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 19.82%. Over the course of the year, Reddit Inc shares have jumped approximately 213.28%. Nevertheless, trading volume fell to 12.06 million shares from 5.5 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 145.56, which, if violated, would cause prices to drop to 133.11. In the upper region, resistance lies at 164.48. The next price resistance is at 170.95. RSI (Relative Strength Index) is 79.18 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 13.42, which suggests the price will increase in the coming days. Percent R is at 0.94%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
