Wells Fargo & Company Boosts Reddit (NYSE:RDDT) Price Target to $168.00

Reddit (NYSE:RDDT) had its target price hoisted by equities researchers at Wells Fargo & Company from $158.00 to $168.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 48.66% from the company’s current price.

Several other equities research analysts also recently weighed in on RDDT. Guggenheim cut their price target on Reddit from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday. Redburn Partners set a $75.00 price target on Reddit in a report on Monday, March 17th. JMP Securities reaffirmed a “market outperform” rating and set a $180.00 price objective on shares of Reddit in a research note on Friday. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday, March 17th. They set a “sell” rating and a $75.00 price target on the stock. Finally, B. Riley reaffirmed a “buy” rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a report on Friday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $142.30.

Reddit Stock Down 4.9 %

RDDT opened at $113.01 on Friday. The company has a market cap of $20.44 billion, a P/E ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. The firm’s 50-day moving average price is $116.82 and its 200-day moving average price is $143.67. Reddit has a 52-week low of $46.75 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period last year, the business posted ($8.19) earnings per share. On average, research analysts anticipate that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David C. Habiger bought 774 shares of Reddit stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the purchase, 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. Insiders have sold a total of 711,270 shares of company stock worth $94,239,985 in the last ninety days.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter valued at about $27,000. CWM LLC increased its position in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after acquiring an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the 4th quarter worth approximately $33,000.

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.