Reddit’s (RDDT) “Equal Weight” Rating Reaffirmed at Wells Fargo & Company

Wells Fargo & Company reaffirmed their equal weight rating on shares of Reddit (NYSE:RDDT) in a research report report published on Monday, MarketBeat reports. The firm currently has a $115.00 target price on the stock, down from their previous target price of $168.00.

A number of other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group upped their price target on shares of Reddit from $124.00 to $140.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. B. Riley reaffirmed a “buy” rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Raymond James decreased 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 note on Wednesday, March 12th. Morgan Stanley decreased their price target on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, Bank of America decreased their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $141.36.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $108.04 on Monday. The firm has a fifty day moving average price of $108.94 and a 200 day moving average price of $145.87. Reddit has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market cap of $19.94 billion, a price-to-earnings ratio of -13.98, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the business earned ($8.19) earnings per share. Reddit’s revenue for the quarter was up 61.5% on a year-over-year basis. As a group, research analysts predict that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $114.98, for a total value of $14,304,431.84. Following the transaction, the chief executive officer now owns 577,013 shares of the company’s stock, valued at $66,344,954.74. This trade represents a 17.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated 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 in the company, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 802,345 shares of company stock valued at $101,207,606 in the last 90 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jennison Associates LLC bought a new position in Reddit during the 4th quarter worth about $494,861,000. Renaissance Capital LLC grew its holdings in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. grew its holdings in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC bought a new position in Reddit during the 4th quarter worth about $327,000.

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.