Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic assumed coverage on shares of Reddit (NYSE:RDDT) in a report published on Monday, Marketbeat.com reports. The firm issued a sell rating and a $75.00 price target on the stock.

A number of other brokerages also recently issued reports on RDDT. JMP Securities lifted their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Loop Capital reiterated a “buy” rating on shares of Reddit in a research note on Tuesday, March 11th. Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Wells Fargo & Company upped their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Raymond James cut their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $168.76.

Reddit Price Performance

Shares of Reddit stock opened at $125.68 on Monday. The stock has a market capitalization of $22.74 billion and a price-to-earnings ratio of -16.26. The business has a 50-day moving average of $175.99 and a 200 day moving average of $134.24. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

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

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares of the company’s stock, valued at $7,621,477.38. The trade was a 19.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David C. Habiger acquired 774 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 346,053 shares of company stock worth $58,332,313 over the last quarter.

Hedge Funds Weigh In On Reddit

A number of large investors have recently bought and sold shares of the business. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. UMB Bank n.a. lifted its holdings in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC grew its position in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after buying an additional 155 shares in the last quarter.

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.