Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Redburn Atlantic

Redburn Atlantic began coverage on shares of Reddit (NYSE:RDDT) in a research note published on Monday morning, MarketBeat Ratings reports. The brokerage issued a sell rating and a $75.00 price objective on the stock.

Several other equities analysts also recently commented on RDDT. Citigroup reissued a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. B. Riley lifted their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Robert W. Baird upped their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Morgan Stanley increased their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Bank of America boosted their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $168.76.

Reddit Price Performance

NYSE:RDDT opened at $125.68 on Monday. Reddit has a one year low of $37.35 and a one year high of $230.41. The company’s 50-day simple moving average is $175.99 and its 200 day simple moving average is $134.24. The firm has a market capitalization of $22.74 billion and a P/E ratio of -16.26.

Reddit (NYSE:RDDT) last released 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 expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, Director David C. Habiger bought 774 shares of the stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. This trade represents a 2.58 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 346,053 shares of company stock valued at $58,332,313.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC purchased a new position in Reddit in the fourth quarter worth approximately $2,208,000. Kilter Group LLC purchased a new position in shares of Reddit during the 4th quarter worth $928,000. Castle Rock Wealth Management LLC acquired a new stake in shares of Reddit during the 4th quarter worth about $789,000. Brooklyn FI LLC purchased a new stake in Reddit in the 4th quarter valued at about $6,339,000. Finally, Employees Retirement System of Texas acquired a new position in Reddit in the fourth quarter valued at about $1,803,000.

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.