Reddit (NYSE:RDDT) Given Equal Weight Rating at Wells Fargo & Company

Reddit (NYSE:RDDT)‘s stock had its “equal weight” rating restated by Wells Fargo & Company in a report released on Monday,Benzinga reports. They currently have a $115.00 price objective on the stock, down from their previous price objective of $168.00. Wells Fargo & Company‘s price target points to a potential upside of 1.45% from the company’s current price.

Several other equities analysts have also recently issued reports on RDDT. Bank of America dropped their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Robert W. Baird set a $140.00 target price on Reddit in a research report on Monday, May 5th. Roth Capital reiterated a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. Citigroup boosted their target price on Reddit from $150.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Finally, The Goldman Sachs Group upped their price target on Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $141.36.

Reddit Stock Down 0.2%

Shares of RDDT stock opened at $113.35 on Monday. The stock has a market capitalization of $20.92 billion, a PE ratio of -14.66, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit has a 52-week low of $49.13 and a 52-week high of $230.41. The stock’s 50-day moving average price is $109.40 and its 200 day moving average price is $145.91.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The firm’s quarterly revenue was up 61.5% on a year-over-year basis. Analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $115,370,905.32. This represents a 2.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the transaction, the chief financial officer now directly owns 499,295 shares in the company, valued at approximately $61,952,523.60. This represents a 16.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $95,789,365 in the last quarter.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently made changes to their positions in RDDT. Park Avenue Securities LLC acquired a new stake in shares of Reddit during the 4th quarter worth $993,000. Grove Bank & Trust acquired a new stake in shares of Reddit during the 4th quarter worth $384,000. LVW Advisors LLC acquired a new stake in shares of Reddit during the 4th quarter worth $327,000. UMB Bank n.a. increased its holdings in shares of Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after buying an additional 150 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Reddit during the 4th quarter worth $147,000.

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.