Reddit (NYSE:RDDT) Earns Sell Rating from Analysts at Redburn Atlantic

Equities researchers at Redburn Atlantic started coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Monday,Briefing.com Automated Import reports. The brokerage set a “sell” rating and a $75.00 price target on the stock. Redburn Atlantic’s price target would suggest a potential downside of 41.27% from the company’s previous close.

RDDT has been the topic of a number of other reports. Piper Sandler increased their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and increased their price target for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Wells Fargo & Company lifted their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Raymond James lowered their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Finally, Citigroup reissued a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. 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 company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $168.76.

Reddit Trading Up 5.1 %

Shares of RDDT opened at $127.71 on Monday. The firm’s 50-day moving average is $177.06 and its two-hundred day moving average is $133.76. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The firm has a market capitalization of $23.10 billion and a P/E ratio of -16.52.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. Analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 346,053 shares of company stock worth $58,332,313 in the last ninety days.

Institutional Trading of Reddit

A number of large investors have recently modified their holdings of the company. Jennison Associates LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC increased its position in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. boosted its position in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Reddit by 3,640.5% in the third 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 in the last quarter.

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.