Reddit (NYSE:RDDT) Earns Overweight Rating from Analysts at Wells Fargo & Company

Equities researchers at Wells Fargo & Company assumed coverage on shares of Reddit (NYSE:RDDT - Get Free Report) in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set an "overweight" rating and a $206.00 price target on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 24.17% from the stock's previous close.

RDDT has been the subject of several other research reports. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Sanford C. Bernstein boosted their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday, October 30th. Roth Mkm raised their target price on shares of Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. B. Riley reiterated a "buy" rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Robert W. Baird raised their price objective on Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $124.42.

Reddit Trading Up 6.4 %

Reddit stock traded up $9.97 during midday trading on Wednesday, hitting $165.90. The stock had a trading volume of 5,973,105 shares, compared to its average volume of 5,147,462. Reddit has a 52-week low of $37.35 and a 52-week high of $180.74. The firm's fifty day moving average is $112.11 and its two-hundred day moving average is $79.25.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit's revenue for the quarter was up 67.9% on a year-over-year basis. As a group, research analysts predict that Reddit will post -3.54 earnings per share for the current year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at $90,032,538.09. This represents a 2.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company's stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,644 shares of company stock valued at $31,195,790.

Institutional Inflows and Outflows

Institutional 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. purchased a new position in Reddit during the 2nd quarter valued at about $78,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the 3rd quarter valued at about $85,000. UMB Bank n.a. purchased a new stake in shares of Reddit in the 2nd quarter worth approximately $88,000. Finally, Sanctuary Advisors LLC bought a new position in shares of Reddit during the third quarter valued at approximately $144,000.

About Reddit

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.