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

Reddit (NYSE:RDDT) had its target price decreased by investment analysts at Wells Fargo & Company from $215.00 to $158.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 46.88% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Morgan Stanley upped their price target on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Citigroup reissued an “outperform” rating on shares of Reddit in a research note on Friday. Loop Capital reaffirmed a “buy” rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $163.00.

Reddit Trading Down 2.4 %

Shares of RDDT opened at $107.57 on Monday. The firm’s 50-day moving average is $165.95 and its two-hundred day moving average is $137.81. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The firm has a market capitalization of $19.46 billion and a P/E ratio of -13.92.

Reddit (NYSE:RDDT) last released its quarterly earnings results 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 return on equity of 24.71% and a negative net margin of 37.25%. Analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 100,000 shares of the firm’s stock in a transaction dated 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 $61,952,523.60. This trade represents a 16.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock worth $90,255,404 in the last quarter.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. FMR LLC grew its stake in Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after buying an additional 913,189 shares during the period. Vanguard Group Inc. boosted its position in Reddit by 184.2% during the 4th 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 purchased a new stake in Reddit during the 4th quarter worth $494,861,000. Holocene Advisors LP increased its holdings in Reddit by 177.6% in the 3rd 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 in the last quarter. Finally, Alliancebernstein L.P. raised its position in 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 during the period.

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.