Redburn Atlantic Initiates Coverage on Reddit (NYSE:RDDT)

Investment analysts at Redburn Atlantic initiated coverage on shares of Reddit (NYSE:RDDT) in a note issued to investors 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 objective points to a potential downside of 41.27% from the stock’s previous close.

Several other research analysts have also weighed in on RDDT. The Goldman Sachs Group upped their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Piper Sandler lifted their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Loop Capital reaffirmed a “buy” rating on shares of Reddit in a research report on Tuesday, March 11th. Morgan Stanley lifted their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Needham & Company LLC raised their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of “Hold” and a consensus target price of $168.76.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $127.71 on Monday. The company has a market capitalization of $23.10 billion and a PE ratio of -16.52. The stock has a fifty day moving average of $177.06 and a 200-day moving average of $133.76. Reddit has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. As a group, research analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David C. Habiger purchased 774 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now directly owns 30,808 shares in the company, valued at approximately $4,016,130.88. This trade represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 346,053 shares of company stock worth $58,332,313 over the last three months.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently made changes to their positions in the stock. Plato Investment Management Ltd bought a new stake in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $28,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit during the fourth quarter worth $33,000.

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.