Reddit (NYSE:RDDT) Now Covered by Truist Financial

Truist Financial assumed coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $150.00 price target on the stock. Truist Financial’s price target would indicate a potential upside of 69.53% from the stock’s previous close.

Several other equities research analysts have also recently commented on the company. Robert W. Baird lifted their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Bank of America lifted their price objective on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. The Goldman Sachs Group upped their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Morgan Stanley increased their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $159.00.

Reddit Stock Down 4.9 %

Reddit stock opened at $88.48 on Monday. The stock has a 50-day simple moving average of $151.73 and a 200 day simple moving average of $139.25. The stock has a market capitalization of $16.01 billion and a price-to-earnings ratio of -11.45. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. As a group, sell-side analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the sale, the chief financial officer now owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total value of $1,445,920.00. Following the transaction, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 603,794 shares of company stock valued at $89,386,704.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in the business. Jennison Associates LLC acquired a new stake in Reddit in the 4th quarter valued at $494,861,000. Renaissance Capital LLC grew its holdings in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 27.6% in the fourth 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 during the last quarter. Assetmark Inc. raised its holdings in Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during 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.