Wells Fargo & Company Cuts Reddit (NYSE:RDDT) Price Target to $158.00

Reddit (NYSE:RDDT) had its price target reduced by research analysts at Wells Fargo & Company from $215.00 to $158.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 60.11% from the stock’s previous close.

Several other research analysts also recently commented on RDDT. Citigroup reaffirmed an “outperform” rating on shares of Reddit in a research note on Friday, March 28th. Bank of America raised their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Redburn Atlantic started coverage on Reddit in a research note on Monday, March 17th. They set a “sell” rating and a $75.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday, March 21st. Finally, Morgan Stanley boosted their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $163.00.

Reddit Trading Down 9.9 %

Reddit stock traded down $10.82 during midday trading on Monday, reaching $98.68. The stock had a trading volume of 7,359,720 shares, compared to its average volume of 7,379,894. The company has a market capitalization of $17.85 billion and a P/E ratio of -12.77. The company has a fifty day moving average price of $161.47 and a two-hundred day moving average price of $138.29. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts predict that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 603,794 shares of company stock valued at $89,386,704.

Institutional Trading of Reddit

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

Reddit Company Profile

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.