Reddit (NYSE:RDDT - Free Report) had its price target decreased by Bank of America from $190.00 to $110.00 in a report released on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the stock.
Other analysts have also recently issued research reports about the stock. Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price objective for the company. Truist Financial assumed coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Roth Capital downgraded Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Finally, B. Riley upped their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average target price of $151.73.
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Reddit Price Performance
Reddit stock traded down $1.79 during midday trading on Wednesday, reaching $99.36. The company had a trading volume of 2,000,545 shares, compared to its average volume of 5,487,626. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41. The company has a market capitalization of $17.97 billion and a P/E ratio of -12.85. The firm's fifty day simple moving average is $143.88 and its 200-day simple moving average is $140.36.
Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, analysts expect that Reddit will post 1.12 EPS for the current fiscal year.
Insider Activity at Reddit
In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David C. Habiger purchased 774 shares of Reddit stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now 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 603,794 shares of company stock worth $89,386,704 over the last 90 days.
Hedge Funds Weigh In On Reddit
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ridgewood Investments LLC grew its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Proficio Capital Partners LLC increased its stake in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC increased its stake 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 purchasing an additional 147 shares in the last quarter. UMB Bank n.a. raised its position in shares of Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC lifted 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
(
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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.
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