Reddit (NYSE:RDDT) Price Target Cut to $110.00 by Analysts at JPMorgan Chase & Co.

Reddit (NYSE:RDDT) had its price target lowered by JPMorgan Chase & Co. from $185.00 to $110.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently commented on RDDT. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group raised their price target on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Truist Financial began coverage on shares of Reddit in a report on Monday. They set a “buy” rating and a $150.00 price objective for the company. JMP Securities set a $155.00 target price on shares of Reddit in a report on Friday, March 28th. Finally, Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $151.73.

Reddit Stock Performance

Shares of Reddit stock opened at $101.77 on Tuesday. The company has a 50-day simple moving average of $146.17 and a two-hundred day simple moving average of $139.62. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The stock has a market capitalization of $18.41 billion and a PE ratio of -13.16.

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

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $106,161,139.26. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director David C. Habiger acquired 774 shares of Reddit stock in a transaction dated Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 603,794 shares of company stock worth $89,386,704 in the last three months.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently bought and sold shares of the stock. FMR LLC grew its holdings in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit in the fourth quarter valued at $494,861,000. Alliancebernstein L.P. increased 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. Finally, Lord Abbett & CO. LLC raised its stake in Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after purchasing an additional 211,636 shares in the last quarter.

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.