Reddit (NYSE:RDDT – Free Report) had its target price trimmed by Loop Capital from $210.00 to $200.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other research analysts also recently weighed in on RDDT. Needham & Company LLC upped their target price on shares of Reddit from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, May 2nd. Morgan Stanley cut their price objective on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Bank of America dropped their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. Roth Mkm lifted their target price on Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Finally, Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $139.35.
Read Our Latest Stock Report on Reddit
Reddit Price Performance
Reddit (NYSE:RDDT – Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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 business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the business posted ($8.19) EPS. The company’s revenue was up 61.5% on a year-over-year basis. On average, research analysts anticipate that Reddit will post 1.12 earnings per share for the current year.
Insider Activity
In related news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $183,587,421.18. This trade represents a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $110.05, for a total transaction of $1,540,700.00. Following the completion of the sale, the chief executive officer now owns 560,133 shares in the company, valued at approximately $61,642,636.65. This represents a 2.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 553,467 shares of company stock valued at $60,888,391. Company insiders own 34.25% of the company’s stock.
Institutional Investors Weigh In On Reddit
Large investors have recently made changes to their positions in the company. Cim LLC bought a new position in Reddit in the 1st quarter worth approximately $795,000. First Hawaiian Bank acquired a new position in Reddit during the 1st quarter worth $818,000. Rhumbline Advisers boosted its position in Reddit by 202.7% during the 1st quarter. Rhumbline Advisers now owns 13,682 shares of the company’s stock worth $1,435,000 after acquiring an additional 9,162 shares during the period. Siren L.L.C. bought a new stake in shares of Reddit during the first quarter valued at about $2,465,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter.
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.
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