Guggenheim Issues Pessimistic Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective trimmed by Guggenheim from $170.00 to $165.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also weighed in on the stock. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Oppenheimer began coverage on Reddit in a research report on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 price objective for the company. Bank of America decreased their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Raymond James cut their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Finally, Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $142.30.

Reddit Trading Down 4.9 %

NYSE RDDT opened at $113.01 on Friday. Reddit has a 1-year low of $46.75 and a 1-year high of $230.41. The company has a market capitalization of $20.44 billion, a price-to-earnings ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89. The stock’s 50 day moving average is $116.82 and its two-hundred day moving average is $144.15.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the prior year, the business posted ($8.19) earnings per share. The business’s revenue was up 61.5% compared to the same quarter last year. On average, analysts predict that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 5,068 shares of the business’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $111.28, for a total value of $563,967.04. Following the sale, the chief technology officer now directly owns 20,184 shares in the company, valued at $2,246,075.52. The trade was a 20.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 711,270 shares of company stock valued at $94,239,985.

Hedge Funds Weigh In On Reddit

A number of large investors have recently bought and sold shares of RDDT. Plato Investment Management Ltd bought a new stake in shares of Reddit in the fourth quarter worth $27,000. CWM LLC increased its stake in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after buying an additional 128 shares during the last quarter. EverSource Wealth Advisors LLC bought a new stake in Reddit during the 4th quarter worth about $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 buying an additional 100 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the 4th quarter valued at about $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.