Citigroup Has Lowered Expectations for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT - Get Free Report) had its price target decreased by equities research analysts at Citigroup from $220.00 to $150.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price suggests a potential upside of 56.18% from the stock's current price.

RDDT has been the subject of several other reports. Guggenheim reduced their price objective on Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Morgan Stanley raised their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Redburn Atlantic began coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price target on the stock. Finally, Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $142.22.

Reddit Stock Up 0.7 %

Shares of Reddit stock traded up $0.66 during trading on Monday, hitting $96.04. The stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,521,081. Reddit has a 1 year low of $40.17 and a 1 year high of $230.41. The stock has a 50 day simple moving average of $131.49 and a 200 day simple moving average of $140.37. The company has a market capitalization of $17.37 billion and a PE ratio of -12.42.

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

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 714,202 shares of company stock worth $96,326,958.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the stock. WD Rutherford LLC bought a new position in Reddit during the first quarter valued at about $208,000. QRG Capital Management Inc. bought a new stake in shares of Reddit during the first quarter valued at approximately $368,000. Sowell Financial Services LLC acquired a new position in shares of Reddit in the first quarter valued at $739,000. Janney Montgomery Scott LLC raised its stake in shares of Reddit by 4.5% in the first quarter. Janney Montgomery Scott LLC now owns 9,183 shares of the company's stock valued at $963,000 after purchasing an additional 397 shares in the last quarter. Finally, Good Life Advisors LLC bought a new position in Reddit in the first quarter worth $1,081,000.

About Reddit

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.