Reddit (NYSE:RDDT) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Reddit (NYSE:RDDT) had its price target raised by Wells Fargo & Company from $206.00 to $215.00 in a report issued on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts have also commented on RDDT. Piper Sandler raised their price target on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. Guggenheim assumed coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Morgan Stanley upped their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Finally, Raymond James lifted their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Price Performance

Shares of Reddit stock opened at $205.50 on Thursday. The business has a 50-day simple moving average of $180.60 and a 200-day simple moving average of $117.29. Reddit has a one year low of $37.35 and a one year high of $230.41.

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

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. The trade was a 2.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 245,357 shares of company stock valued at $39,357,388 over the last ninety days.

Hedge Funds Weigh In On Reddit

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