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

Equities researchers at Redburn Atlantic initiated coverage on shares of Reddit (NYSE:RDDT) in a note issued to investors on Monday, MarketBeat reports. The brokerage set a “sell” rating and a $75.00 price target on the stock. Redburn Atlantic’s target price suggests a potential downside of 31.83% from the company’s previous close.

A number of other research analysts have also weighed in on RDDT. JPMorgan Chase & Co. raised their price target on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. The Goldman Sachs Group raised 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. Wells Fargo & Company raised their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Citigroup reissued a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Finally, Piper Sandler raised their target price on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Hold” and a consensus target price of $164.50.

Reddit Trading Down 12.4 %

Shares of Reddit stock opened at $110.02 on Monday. The firm has a market capitalization of $19.90 billion and a PE ratio of -14.23. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The firm’s 50-day moving average price is $174.74 and its 200 day moving average price is $134.59.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, sell-side analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. This trade represents a 7.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 470,461 shares of company stock worth $74,176,916 in the last 90 days.

Institutional Trading of Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd acquired a new stake in Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the fourth quarter worth $28,000. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit in the fourth quarter worth $33,000.

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.