Wells Fargo & Company Issues Pessimistic Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective decreased by Wells Fargo & Company from $215.00 to $158.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 46.88% from the stock’s current price.

Other analysts have also issued reports about the stock. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Citigroup reissued an “outperform” rating on shares of Reddit in a research report on Friday. Redburn Atlantic initiated coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 price objective for the company. Loop Capital reissued a “buy” rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Finally, Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $163.00.

Reddit Stock Down 2.4 %

Reddit stock opened at $107.57 on Monday. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a market cap of $19.46 billion and a PE ratio of -13.92. The company’s 50 day moving average is $165.95 and its two-hundred day moving average is $137.81.

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, beating 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, equities research analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $101,577,760.02. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the sale, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. This represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 603,794 shares of company stock valued at $90,255,404.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Reddit by 194.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after acquiring an additional 332,604 shares during the period. Cerity Partners LLC acquired a new stake in Reddit in the third quarter valued at about $446,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the 3rd quarter valued at approximately $85,000. The Manufacturers Life Insurance Company acquired a new position in Reddit during the 3rd quarter worth approximately $1,053,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Reddit during the 3rd quarter worth approximately $349,000.

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.