Guggenheim Cuts Reddit (NYSE:RDDT) Price Target to $170.00

Reddit (NYSE:RDDT) had its price objective dropped by equities research analysts at Guggenheim from $210.00 to $170.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 54.11% from the company’s previous close.

RDDT has been the subject of several other research reports. JMP Securities lifted their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Raymond James decreased their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Morgan Stanley lifted their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Finally, Loop Capital reissued a “buy” rating and set a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $162.68.

Reddit Stock Up 0.4 %

Shares of NYSE RDDT opened at $110.31 on Thursday. The business’s 50 day moving average price is $173.50 and its two-hundred day moving average price is $134.41. The company has a market cap of $19.96 billion and a PE ratio of -14.42. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates 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, research analysts anticipate that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief operating officer now 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 503,794 shares of company stock valued at $78,350,874.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the business. Prospera Financial Services Inc acquired a new stake in Reddit in the third quarter valued at $248,000. Charles Schwab Investment Management Inc. raised its position in shares of Reddit by 194.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after acquiring an additional 332,604 shares during the last quarter. GM Advisory Group LLC acquired a new position in shares of Reddit in the third quarter worth approximately $255,000. Meridian Wealth Management LLC boosted its holdings in Reddit by 29.7% in the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock valued at $3,009,000 after acquiring an additional 10,466 shares during the last quarter. Finally, Cerity Partners LLC acquired a new stake in Reddit during the 3rd quarter valued at approximately $446,000.

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.