Reddit (NYSE:RDDT) Price Target Cut to $110.00 by Analysts at JPMorgan Chase & Co.

Reddit (NYSE:RDDT - Get Free Report) had its price objective decreased by stock analysts at JPMorgan Chase & Co. from $185.00 to $110.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 8.91% from the company's previous close.

Several other equities research analysts have also issued reports on the stock. Guggenheim reduced their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Roth Capital lowered Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group lifted their target price on Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Morgan Stanley lifted their target price on Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Finally, JMP Securities set a $155.00 price objective on shares of Reddit in a report on Friday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $151.73.

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Reddit Stock Down 1.0 %

NYSE:RDDT traded down $1.01 during midday trading on Tuesday, hitting $101.01. The company had a trading volume of 4,211,959 shares, compared to its average volume of 5,487,364. The stock's fifty day moving average price is $143.88 and its 200-day moving average price is $139.85. The company has a market capitalization of $18.27 billion and a PE ratio of -13.07. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41.

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

Insider Activity at Reddit

In related news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares of the company's stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 603,794 shares of company stock valued at $89,386,704.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently modified their holdings of the company. FMR LLC lifted its holdings in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new stake in Reddit during the 4th quarter valued at approximately $494,861,000. Alliancebernstein L.P. increased its stake in shares of Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after acquiring an additional 211,636 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.