Reddit (NYSE:RDDT - Get Free Report) had its price objective upped by analysts at Wells Fargo & Company from $115.00 to $118.00 in a report released on Tuesday, MarketBeat.com reports. The firm presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price would indicate a potential downside of 25.01% from the company's current price.
Several other equities research analysts also recently issued reports on the stock. Roth Capital reiterated a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Bank of America decreased their price target on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Robert W. Baird reduced their price objective on Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 21st. Finally, Needham & Company LLC upped their target price on Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus price target of $139.70.
Read Our Latest Stock Report on Reddit
Reddit Stock Performance
Reddit stock traded down $1.99 during midday trading on Tuesday, reaching $157.35. The stock had a trading volume of 4,041,162 shares, compared to its average volume of 6,645,023. The stock's 50-day simple moving average is $121.57 and its 200 day simple moving average is $141.46. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a market capitalization of $29.03 billion, a PE ratio of 266.70, a price-to-earnings-growth ratio of 4.03 and a beta of 2.33.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the previous year, the company posted ($8.19) EPS. The company's revenue was up 61.5% compared to the same quarter last year. Equities analysts predict that Reddit will post 1.12 earnings per share for the current fiscal year.
Insider Activity at Reddit
In related news, CTO Christopher Brian Slowe sold 26,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the sale, the chief technology officer directly owned 251,373 shares of the company's stock, valued at $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the sale, the chief executive officer owned 546,133 shares in the company, valued at $67,966,251.85. The trade was a 18.55% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 617,285 shares of company stock valued at $69,599,110. 34.25% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit during the fourth quarter valued at $28,000. Tucker Asset Management LLC acquired a new stake in shares of Reddit during the fourth quarter worth $39,000. Farther Finance Advisors LLC raised its holdings in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the period. Finally, CWM LLC lifted its position in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares during the last quarter.
About Reddit
(
Get Free Report)
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.
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