Reddit (NYSE:RDDT) Research Coverage Started at Wells Fargo & Company

Wells Fargo & Company initiated coverage on shares of Reddit (NYSE:RDDT) in a research note released on Wednesday morning, Marketbeat reports. The brokerage issued an overweight rating and a $206.00 price objective on the stock.

Several other analysts also recently commented on RDDT. Bank of America raised their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Loop Capital raised their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. The Goldman Sachs Group upped their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, Robert W. Baird upped their price objective on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $124.42.

Reddit Price Performance

Shares of RDDT opened at $172.64 on Wednesday. Reddit has a 52-week low of $37.35 and a 52-week high of $180.74. The business’s 50 day moving average price is $117.99 and its two-hundred day moving average price is $81.25.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts forecast that Reddit will post -3.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $38,578,562.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Institutional Trading of Reddit

Large investors have recently bought and sold shares of the company. Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter worth $42,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the second quarter worth about $78,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit in the third quarter worth about $85,000. UMB Bank n.a. bought a new stake in shares of Reddit in the second quarter valued at approximately $88,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at approximately $144,000.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.