Redburn Atlantic Begins Coverage on Reddit (NYSE:RDDT)

Redburn Atlantic initiated coverage on shares of Reddit (NYSE:RDDT) in a research note released on Monday, Marketbeat Ratings reports. The firm issued a sell rating and a $75.00 price objective on the stock.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. JMP Securities raised their price target on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of “Hold” and a consensus target price of $164.50.

Reddit Price Performance

RDDT opened at $109.62 on Monday. The stock has a market capitalization of $19.83 billion and a P/E ratio of -14.18. The company’s 50 day simple moving average is $173.50 and its 200-day simple moving average is $134.41. Reddit has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last issued its 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total value of $4,173,958.26. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $183,587,421.18. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 503,794 shares of company stock worth $78,350,874 in the last 90 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RDDT. California State Teachers Retirement System raised its stake in shares of Reddit by 126.6% during the fourth quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock worth $7,907,000 after acquiring an additional 27,032 shares in the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Reddit in the 4th quarter worth about $2,208,000. Kilter Group LLC bought a new position in shares of Reddit in the 4th quarter worth approximately $928,000. Castle Rock Wealth Management LLC purchased a new position in Reddit during the fourth quarter valued at $789,000. Finally, Brooklyn FI LLC purchased a new stake in Reddit in the fourth quarter worth about $6,339,000.

Reddit Company Profile

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.