Reddit (NYSE:RDDT) Price Target Cut to $170.00 by Analysts at Guggenheim

Reddit (NYSE:RDDT - Free Report) had its price objective lowered by Guggenheim from $210.00 to $170.00 in a research report released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

RDDT has been the topic of a number of other reports. Roth Mkm downgraded shares of Reddit from a "buy" rating to a "neutral" rating and increased their price target for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Morgan Stanley upped their target price on shares of Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. Jefferies Financial Group upped their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Citigroup reiterated a "neutral" rating on shares of Reddit in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $162.68.

Reddit Price Performance

Shares of Reddit stock traded up $9.26 on Thursday, hitting $124.96. 8,991,827 shares of the company's stock traded hands, compared to its average volume of 5,532,521. The firm's 50-day moving average price is $170.39 and its two-hundred day moving average price is $136.18. The stock has a market capitalization of $22.61 billion and a PE ratio of -16.17. Reddit has a one year low of $37.35 and a one year high of $230.41.

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Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts' consensus estimates 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 forecast that Reddit will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 48,122 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 492,794 shares of company stock valued at $76,482,524 in the last three months.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Plato Investment Management Ltd bought a new position in Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $28,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit in the 4th quarter valued at $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.