Reddit (NYSE:RDDT - Free Report) had its price objective lowered by Wells Fargo & Company from $215.00 to $158.00 in a research note released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.
Several other equities analysts have also weighed in on the stock. JMP Securities set a $155.00 price target on shares of Reddit in a research report on Friday, March 28th. B. Riley increased their target price on shares of Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 price target on shares of Reddit in a report on Friday, March 21st. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Finally, Piper Sandler increased their target price on shares of Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $163.00.
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Reddit Price Performance
Shares of NYSE RDDT traded down $10.42 during trading on Monday, hitting $99.08. The stock had a trading volume of 7,667,623 shares, compared to its average volume of 5,313,711. The firm has a fifty day moving average of $161.47 and a two-hundred day moving average of $138.29. The company has a market capitalization of $17.92 billion and a PE ratio of -12.82. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.
Insider Buying and Selling at Reddit
In other news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $106,161,139.26. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock worth $89,386,704 over the last 90 days.
Institutional Investors Weigh In On Reddit
A number of large investors have recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Proficio Capital Partners LLC grew its stake in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after acquiring an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its stake in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. UMB Bank n.a. increased its position in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after acquiring an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC raised its stake in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after purchasing an additional 155 shares during the last quarter.
Reddit Company Profile
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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.
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