Reddit (NYSE:RDDT) Price Target Raised to $215.00

Reddit (NYSE:RDDT) had its target price raised by stock analysts at Wells Fargo & Company from $206.00 to $215.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 4.18% from the stock’s current price.

A number of other equities analysts also recently issued reports on RDDT. JMP Securities increased their price target on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Guggenheim assumed coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Citigroup boosted their price target on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. B. Riley lifted their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, The Goldman Sachs Group boosted their price objective on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $166.90.

Reddit Price Performance

Shares of NYSE:RDDT traded down $10.09 during trading on Thursday, hitting $206.38. 9,357,883 shares of the stock traded hands, compared to its average volume of 5,113,731. The company has a fifty day moving average price of $180.60 and a two-hundred day moving average price of $117.29. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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%. Equities research analysts forecast that Reddit will post -3.45 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 259,357 shares of company stock valued at $41,121,108.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RDDT. Trek Financial LLC acquired a new position in Reddit in the fourth quarter valued at approximately $910,000. FMR LLC increased its stake in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the period. Russell Investments Group Ltd. raised its holdings in shares of Reddit by 1,419.3% in the fourth quarter. Russell Investments Group Ltd. now owns 167,925 shares of the company’s stock valued at $27,573,000 after buying an additional 156,872 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Reddit by 2,292.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company’s stock worth $13,359,000 after buying an additional 78,319 shares during the period. Finally, Wedbush Securities Inc. acquired a new position in Reddit in the 4th quarter valued at about $368,000.

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.