Reddit (NYSE:RDDT) Given New $168.00 Price Target at Wells Fargo & Company

Reddit (NYSE:RDDT) had its price objective upped by investment analysts at Wells Fargo & Company from $158.00 to $168.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 48.66% from the company’s current price.

Other equities analysts also recently issued reports about the company. Loop Capital reissued a “buy” rating and set a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Oppenheimer assumed coverage on shares of Reddit in a research report on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Morgan Stanley dropped their target price on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Finally, Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target on the stock in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $142.30.

Reddit Stock Performance

NYSE RDDT opened at $113.01 on Friday. The firm has a market cap of $20.44 billion, a price-to-earnings ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89. The firm has a 50 day simple moving average of $116.82 and a 200-day simple moving average of $143.67. Reddit has a one year low of $46.75 and a one year high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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 company had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same quarter last year, the company posted ($8.19) EPS. The firm’s revenue was up 61.5% compared to the same quarter last year. Equities analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 711,270 shares of company stock worth $94,239,985 in the last quarter.

Hedge Funds Weigh In On Reddit

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

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.