Wells Fargo & Company Reiterates $115.00 Price Target for Reddit (NYSE:RDDT)

Reddit (NYSE:RDDT) has been given a $115.00 price target by Wells Fargo & Company in a note issued to investors on Monday, MarketBeat reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 16.56% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Oppenheimer began coverage on Reddit in a research report on Wednesday, April 16th. They set an “outperform” rating and a $125.00 price target for the company. Morgan Stanley reduced their target price on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (up previously from $140.00) on shares of Reddit in a research report on Friday, May 2nd. JPMorgan Chase & Co. cut their price target on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup increased their price objective on shares of Reddit from $150.00 to $158.00 and gave the stock a “buy” rating in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $140.45.

Reddit Trading Up 2.9%

Shares of NYSE RDDT opened at $98.66 on Monday. The firm has a market cap of $18.21 billion, a PE ratio of -12.76, a PEG ratio of 4.72 and a beta of 2.90. Reddit has a 1-year low of $49.13 and a 1-year high of $230.41. The company has a fifty day moving average price of $107.45 and a 200 day moving average price of $145.18.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted ($8.19) EPS. Equities research analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $160.30, for a total value of $2,244,200.00. Following the transaction, the chief executive officer now owns 597,515 shares in the company, valued at approximately $95,781,654.50. This represents a 2.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s 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 sale, the insider now owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This trade represents a 44.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 851,261 shares of company stock worth $105,096,214.

Institutional Trading of Reddit

Several hedge funds have recently added to or reduced their stakes in RDDT. FMR LLC increased its position in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after buying an additional 913,189 shares during the period. Vanguard Group Inc. grew its stake in shares of Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock valued at $1,069,828,000 after acquiring an additional 1,017,162 shares in the last quarter. Alliancebernstein L.P. increased its position in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after acquiring an additional 2,871,232 shares during the period. T. Rowe Price Investment Management Inc. increased its position in Reddit by 10.6% during the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock worth $427,357,000 after acquiring an additional 389,761 shares during the period. Finally, Jennison Associates LLC acquired a new stake in Reddit in the 4th quarter worth about $494,861,000.

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.