Reddit (NYSE:RDDT) Coverage Initiated at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Tuesday. The firm set an “equal weight” rating and a $149.00 price target on the stock. Wells Fargo & Company‘s target price points to a potential upside of 7.40% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. Jefferies Financial Group reduced their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Guggenheim raised their target price on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Roth Mkm lifted their price objective on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Finally, UBS Group set a $265.00 price objective on Reddit in a research report on Tuesday, January 13th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $238.46.

Reddit Stock Up 2.0%

Shares of NYSE RDDT opened at $138.74 on Tuesday. Reddit has a 12 month low of $79.75 and a 12 month high of $282.95. The company has a market cap of $26.50 billion, a price-to-earnings ratio of 52.95, a P/E/G ratio of 0.99 and a beta of 2.40. The business has a fifty day simple moving average of $145.51 and a 200-day simple moving average of $192.72.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s revenue for the quarter was up 69.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. As a group, sell-side analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, Director Sarah E. Farrell bought 43,800 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was purchased at an average cost of $149.52 per share, with a total value of $6,548,976.00. Following the completion of the purchase, the director owned 43,800 shares in the company, valued at approximately $6,548,976. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,507 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 346,665 shares valued at $61,518,069. Insiders own 34.25% of the company’s stock.

Hedge Funds Weigh In On Reddit

Institutional investors have recently bought and sold shares of the business. Raiffeisen Bank International AG acquired a new position in shares of Reddit in the third quarter valued at approximately $25,000. GW&K Investment Management LLC acquired a new stake in Reddit during the third quarter worth approximately $30,000. Cornerstone Planning Group LLC grew its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd bought a new stake in Reddit during the fourth quarter worth $33,000. Finally, Noble Wealth Management PBC bought a new stake in Reddit during the fourth quarter worth $34,000.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.