Reddit (NYSE:RDDT) PT Set at $115.00 by Wells Fargo & Company

Wells Fargo & Company set a $115.00 price target on Reddit (NYSE:RDDT - Free Report) in a research report sent to investors on Monday, Marketbeat reports. The firm currently has an equal weight rating on the stock.

Other analysts have also issued reports about the company. Loop Capital reissued a "buy" rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Redburn Atlantic initiated coverage on Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target for the company. Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Finally, Roth Mkm boosted their price target on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and a consensus target price of $140.45.

Reddit Price Performance

Shares of Reddit stock traded up $2.71 during trading on Monday, reaching $101.03. 6,742,771 shares of the company traded hands, compared to its average volume of 6,054,228. Reddit has a 1-year low of $49.13 and a 1-year high of $230.41. The company has a 50 day moving average price of $107.27 and a 200-day moving average price of $145.03. The firm has a market capitalization of $18.64 billion, a PE ratio of -13.07, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the company earned ($8.19) EPS. Reddit's quarterly revenue was up 61.5% compared to the same quarter last year. Equities research analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insider Activity

In other Reddit news, Director David C. Habiger bought 774 shares of Reddit stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. This represents a 2.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the transaction, the chief financial officer now owns 599,295 shares of the company's stock, valued at approximately $97,565,226. The trade was a 7.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 851,261 shares of company stock worth $105,096,214.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new position in Reddit during the fourth quarter worth about $27,000. CWM LLC grew its position in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in Reddit during the fourth quarter worth about $28,000. Stone House Investment Management LLC bought a new stake in Reddit during the first quarter worth about $31,000. Finally, Farmers & Merchants Investments Inc. bought a new stake in Reddit during the fourth quarter worth about $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.