Reddit (NYSE:RDDT) Coverage Initiated at Oppenheimer

Oppenheimer started coverage on shares of Reddit (NYSE:RDDT - Free Report) in a research note published on Wednesday, MarketBeat.com reports. The firm issued an outperform rating and a $125.00 price target on the stock.

A number of other analysts have also issued reports on the company. JPMorgan Chase & Co. cut their target price on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Wells Fargo & Company lowered their target price on Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, March 31st. Raymond James reduced their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. The Goldman Sachs Group cut their target price on shares of Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Finally, Needham & Company LLC restated a "buy" rating and issued a $220.00 price target on shares of Reddit in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $142.22.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $0.66 during trading on Wednesday, reaching $96.04. The stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,521,081. The business has a fifty day moving average price of $131.49 and a 200-day moving average price of $140.37. The stock has a market cap of $17.37 billion and a PE ratio of -12.42. Reddit has a 1-year low of $40.17 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Sell-side analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This represents a 2.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger acquired 774 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the acquisition, the director now directly owns 30,808 shares of the company's stock, valued at $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 714,202 shares of company stock worth $96,326,958.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC increased its stake in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. grew its holdings in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit in the fourth quarter valued at $494,861,000. Alliancebernstein L.P. raised its stake in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in shares of Reddit by 12.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after buying an additional 211,636 shares in the last quarter.

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.