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

Redburn Atlantic initiated coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, MarketBeat reports. The firm issued a sell rating and a $75.00 target price on the stock.

RDDT has been the subject of a number of other research reports. Guggenheim assumed coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target for the company. Morgan Stanley boosted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Loop Capital reissued a “buy” rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, JMP Securities increased their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $164.50.

Reddit Trading Down 0.4 %

NYSE:RDDT opened at $109.62 on Monday. The company’s 50 day moving average is $173.50 and its two-hundred day moving average is $134.41. The company has a market cap of $19.83 billion and a PE ratio of -14.18. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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 expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David C. Habiger bought 774 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 over the last ninety days.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently made changes to their positions in RDDT. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC raised its holdings in shares of Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after buying an additional 147 shares during the period. UMB Bank n.a. boosted its stake in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after buying an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC boosted its stake in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after buying an additional 155 shares in the last quarter.

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.