Wells Fargo & Company Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its target price raised by Wells Fargo & Company from $206.00 to $215.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.49% from the company’s previous close.

Several other brokerages also recently issued reports on RDDT. Morgan Stanley increased their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday. Citigroup lifted their price target on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. B. Riley lifted their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Jefferies Financial Group increased their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Down 4.2 %

RDDT opened at $196.37 on Thursday. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a 50 day moving average of $181.65 and a two-hundred day moving average of $117.91. The company has a market cap of $34.48 billion and a P/E ratio of -25.40.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Research analysts anticipate that Reddit will post -3.45 earnings per share for the current year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. The trade was a 12.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock valued at $39,357,388 in the last quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares during the period. ARK Investment Management LLC grew its stake in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its stake in shares of Reddit by 666.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after purchasing an additional 2,000 shares in 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.