Wells Fargo & Company Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective raised by investment analysts at Wells Fargo & Company from $176.00 to $187.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target points to a potential downside of 6.81% from the company’s current price.

A number of other brokerages also recently weighed in on RDDT. Oppenheimer reissued an “outperform” rating and set a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Rothschild & Co Redburn set a $110.00 target price on Reddit in a research note on Monday, April 27th. Citizens Jmp decreased their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Cantor Fitzgerald increased their price target on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Finally, Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

Reddit Price Performance

Shares of RDDT stock opened at $200.67 on Tuesday. The stock has a market cap of $38.63 billion, a P/E ratio of 55.62 and a beta of 1.93. The company has a fifty day moving average price of $164.92 and a two-hundred day moving average price of $171.59. Reddit has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. As a group, equities research analysts anticipate that Reddit will post 4.83 EPS for the current fiscal year.

Insider Activity

In other news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 241,808 shares of company stock valued at $40,191,725. 28.48% of the stock is owned by insiders.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the business. Evansbrook LLC raised its stake in Reddit by 2.2% in the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after purchasing an additional 59 shares in the last quarter. Institute for Wealth Management LLC. increased its holdings in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC increased its holdings in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares during the period. Florida Financial Advisors LLC raised its position in shares of Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after buying an additional 68 shares in the last quarter. Finally, Diversified Trust Co raised its position in shares of Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after buying an additional 68 shares in the last quarter.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.