Wells Fargo & Company MN Purchases 87,554 Shares of Reddit, Inc. (NYSE:RDDT)

Wells Fargo & Company MN lifted its position in shares of Reddit, Inc. (NYSE:RDDT) by 909.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 97,183 shares of the company’s stock after purchasing an additional 87,554 shares during the quarter. Wells Fargo & Company MN’s holdings in Reddit were worth $15,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. HighTower Advisors LLC boosted its stake in Reddit by 154.0% during the third quarter. HighTower Advisors LLC now owns 11,699 shares of the company’s stock worth $770,000 after buying an additional 7,094 shares in the last quarter. State Street Corp lifted its holdings in shares of Reddit by 189.3% during the 3rd quarter. State Street Corp now owns 322,321 shares of the company’s stock worth $21,247,000 after acquiring an additional 210,921 shares during the period. MML Investors Services LLC boosted its position in shares of Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after acquiring an additional 757 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Reddit in the third quarter worth about $495,000. Finally, Geode Capital Management LLC lifted its stake in Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares during the period.

Analysts Set New Price Targets

Several research firms have recently weighed in on RDDT. Citigroup lowered their price objective on Reddit from $220.00 to $150.00 and set a “buy” rating on the stock in a research note on Monday. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Truist Financial initiated coverage on Reddit in a report on Monday, April 7th. They set a “buy” rating and a $150.00 price objective for the company. Bank of America lowered their target price on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Finally, Morgan Stanley lifted 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. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $146.18.

Reddit Stock Down 3.1 %

Shares of RDDT stock opened at $98.04 on Tuesday. The firm has a market cap of $17.74 billion and a price-to-earnings ratio of -12.68. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a 50-day moving average price of $141.43 and a 200 day moving average price of $140.58.

Reddit (NYSE:RDDT) last issued 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%. Sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal 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 stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 603,794 shares of company stock valued at $89,386,704.

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.