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

Reddit (NYSE:RDDT) had its price objective raised by stock analysts at Wells Fargo & Company from $206.00 to $215.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 4.18% from the company’s current price.

Other analysts have also issued research reports about the stock. JMP Securities raised their target price on shares of Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Piper Sandler upped their price target on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Citigroup boosted their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $166.90.

Reddit Stock Down 4.7 %

Shares of NYSE:RDDT traded down $10.09 during midday trading on Thursday, hitting $206.38. The stock had a trading volume of 9,357,883 shares, compared to its average volume of 5,113,731. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41. The stock has a 50 day moving average price of $180.60 and a two-hundred day moving average price of $117.29.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities research analysts predict that Reddit will post -3.45 earnings per share for the current year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 259,357 shares of company stock valued at $41,121,108.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new position in Reddit in the 4th quarter worth about $494,861,000. Alliancebernstein L.P. boosted its stake in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. boosted its position in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period.

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.