Wells Fargo & Company Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

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

Other equities research analysts have also recently issued reports about the company. Citigroup lifted their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. JMP Securities lifted their price target on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research note on Monday, January 27th. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Sanford C. Bernstein lifted their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Finally, Guggenheim initiated coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Stock Down 5.1 %

NYSE RDDT opened at $205.50 on Thursday. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a 50-day moving average of $180.60 and a 200 day moving average of $117.29.

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

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 245,357 shares of company stock worth $39,357,388 over the last quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its stake in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. increased its stake in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new stake in shares of Reddit during the fourth quarter worth about $494,861,000. Holocene Advisors LP boosted its stake in shares of Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter.

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.