Reddit (NYSE:RDDT) Now Covered by Truist Financial

Truist Financial started coverage on shares of Reddit (NYSE:RDDT) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $150.00 price target on the stock. Truist Financial’s price target points to a potential upside of 72.96% from the stock’s previous close.

Several other analysts also recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. boosted their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, The Goldman Sachs Group upped their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average price target of $162.41.

Reddit Price Performance

Shares of NYSE:RDDT opened at $86.72 on Monday. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a market capitalization of $15.69 billion and a price-to-earnings ratio of -11.22. The business’s 50 day simple moving average is $157.86 and its 200-day simple moving average is $139.25.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities analysts anticipate that Reddit will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 603,794 shares of company stock worth $89,386,704.

Institutional Trading of Reddit

Hedge funds have recently made changes to their positions in the company. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after acquiring an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in shares of Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares during the last quarter.

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.