Reddit (NYSE:RDDT) Price Target Raised to $215.00 at Wells Fargo & Company

Reddit (NYSE:RDDT) had its target price raised by equities researchers at Wells Fargo & Company from $206.00 to $215.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would indicate a potential upside of 9.49% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group raised their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. Loop Capital upped their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, Sanford C. Bernstein raised their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. One equities research 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, Reddit currently has an average rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Performance

Reddit stock opened at $196.37 on Thursday. The firm has a market cap of $34.48 billion and a price-to-earnings ratio of -25.40. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41. The firm’s 50 day moving average price is $181.65 and its two-hundred day moving average price is $117.91.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts predict that Reddit will post -3.45 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 245,357 shares of company stock worth $39,357,388.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new position in shares of Reddit during the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the 4th quarter valued at $28,000. Ridgewood Investments LLC grew its position in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit during the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit during the fourth quarter valued at 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.