Wells Fargo & Company Initiates Coverage on Reddit (NYSE:RDDT)

Wells Fargo & Company assumed coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm issued an overweight rating and a $206.00 target price on the stock.

A number of other research analysts have also issued reports on the company. Roth Mkm lifted their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Citigroup raised their target price on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Raymond James lifted their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Bank of America increased their price objective on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $124.42.

Reddit Stock Up 6.4 %

Shares of NYSE:RDDT opened at $165.90 on Wednesday. The company has a 50 day moving average of $114.07 and a 200-day moving average of $79.85. Reddit has a twelve month low of $37.35 and a twelve month high of $180.74.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, analysts expect that Reddit will post -3.54 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.18, for a total value of $1,972,646.94. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $91,282,605.26. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 325,644 shares of company stock worth $31,195,790.

Hedge Funds Weigh In On Reddit

Hedge funds have recently added to or reduced their stakes in the company. Whittier Trust Co. acquired a new stake in Reddit in the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the 2nd quarter valued at $78,000. Daiwa Securities Group Inc. bought a new stake in Reddit in the third quarter worth $85,000. UMB Bank n.a. bought a new stake in shares of Reddit during the 2nd quarter worth about $88,000. Finally, Sanctuary Advisors LLC acquired a new position in Reddit during the third quarter valued at approximately $144,000.

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.