Reddit (NYSE:RDDT) Coverage Initiated at Truist Financial

Equities researchers at Truist Financial initiated coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $150.00 price target on the stock. Truist Financial’s price target indicates a potential upside of 69.53% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Citigroup reaffirmed an “outperform” rating on shares of Reddit in a research report on Friday, March 28th. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Morgan Stanley raised their target price on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, The Goldman Sachs Group increased their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $159.00.

Reddit Stock Down 4.9 %

RDDT stock opened at $88.48 on Monday. The company has a 50 day moving average of $151.73 and a two-hundred day moving average of $139.25. The company has a market cap of $16.01 billion and a price-to-earnings ratio of -11.45. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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, research analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger acquired 774 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the acquisition, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 603,794 shares of company stock worth $89,386,704.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently modified their holdings of RDDT. Jennison Associates LLC bought a new position in shares of Reddit during the fourth quarter valued at $494,861,000. Renaissance Capital LLC lifted its holdings in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. boosted its position in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 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.