Morgan Stanley Lowers Reddit (NYSE:RDDT) Price Target to $140.00

Reddit (NYSE:RDDT - Get Free Report) had its price objective decreased by analysts at Morgan Stanley from $210.00 to $140.00 in a report released on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 45.77% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. Raymond James cut their target price on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. Roth Mkm cut shares of Reddit from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Guggenheim dropped 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. Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. Finally, Redburn Partners set a $75.00 price objective on Reddit in a report on Monday, March 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $142.22.

Reddit Stock Performance

Shares of RDDT stock traded up $0.66 on Thursday, hitting $96.04. 2,852,484 shares of the company's stock traded hands, compared to its average volume of 5,533,051. The stock has a market capitalization of $17.37 billion and a price-to-earnings ratio of -12.42. The company's fifty day simple moving average is $131.49 and its 200 day simple moving average is $141.39. Reddit has a one year low of $40.51 and a one year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. As a group, sell-side analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This represents a 2.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 714,202 shares of company stock worth $96,326,958.

Institutional Trading of Reddit

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit in the fourth quarter valued at about $494,861,000. Alliancebernstein L.P. boosted its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $303,082,000. Finally, GQG Partners LLC purchased a new stake in shares of Reddit during the 4th quarter valued at about $271,539,000.

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.