Reddit (NYSE:RDDT) Now Covered by Truist Financial

Truist Financial started coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $150.00 price objective on the stock.

Other equities research analysts have also recently issued research reports about the stock. B. Riley raised their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Guggenheim dropped their price target on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Morgan Stanley increased their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group upped their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $162.41.

Reddit Price Performance

NYSE RDDT opened at $92.83 on Monday. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a market capitalization of $16.79 billion and a PE ratio of -12.01. The company has a fifty day moving average of $156.11 and a 200 day moving average of $139.45.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Research analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares of the company’s stock, valued at $59,593,902.64. This trade represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 over the last 90 days.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently modified their holdings of the company. FMR LLC boosted its holdings in Reddit by 7.5% in the fourth 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. increased its position in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Reddit in the 4th quarter valued at about $494,861,000. Alliancebernstein L.P. boosted its position in shares of Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in Reddit by 12.8% during 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 during 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.