Reddit (NYSE:RDDT) Price Target Lowered to $200.00 at Raymond James

Reddit (NYSE:RDDT) had its price objective reduced by equities research analysts at Raymond James from $250.00 to $200.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James’ target price indicates a potential upside of 50.39% from the company’s current price.

A number of other equities analysts also recently commented on RDDT. B. Riley increased their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Guggenheim began coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. The Goldman Sachs Group lifted their price target on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $173.45.

Reddit Trading Up 8.4 %

Shares of RDDT traded up $10.26 on Wednesday, reaching $132.99. 6,245,540 shares of the company’s stock were exchanged, compared to its average volume of 5,583,830. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a market capitalization of $24.06 billion and a P/E ratio of -17.17. The business has a 50 day moving average price of $179.61 and a two-hundred day moving average price of $132.31.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Equities research analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock valued at $66,673,388 over the last three months.

Institutional Inflows and Outflows

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