Morgan Stanley Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price boosted by Morgan Stanley from $200.00 to $210.00 in a research report report published on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other analysts have also recently commented on the stock. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company started coverage on Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. The Goldman Sachs Group raised 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. Finally, Bank of America increased their target price on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. 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 issued a strong buy rating to the stock. According to MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Trading Down 4.2 %

Shares of RDDT stock opened at $196.37 on Thursday. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41. The business’s 50 day moving average is $182.33 and its two-hundred day moving average is $118.85.

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

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 245,357 shares of company stock worth $39,357,388.

Hedge Funds Weigh In On Reddit

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

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.