Citizens Jmp Lowers Reddit (NYSE:RDDT) Price Target to $250.00

Reddit (NYSE:RDDT) had its price target dropped by investment analysts at Citizens Jmp from $300.00 to $250.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s price target indicates a potential upside of 56.26% from the stock’s previous close.

Other analysts have also issued research reports about the stock. UBS Group set a $265.00 price target on shares of Reddit in a research report on Tuesday, January 13th. The Goldman Sachs Group cut their price objective on shares of Reddit from $206.00 to $180.00 and set a “neutral” rating for the company in a report on Tuesday, April 14th. Cantor Fitzgerald reduced their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Morgan Stanley set a $240.00 target price on Reddit in a research report on Friday, February 6th. Finally, Jefferies Financial Group cut their price target on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.22.

Reddit Stock Up 2.0%

Shares of RDDT stock opened at $159.99 on Wednesday. The firm has a market cap of $30.56 billion, a P/E ratio of 61.57, a PEG ratio of 1.21 and a beta of 2.40. The company has a 50 day moving average of $142.26 and a 200-day moving average of $186.54. Reddit has a 12-month low of $94.89 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. As a group, equities analysts expect that Reddit will post 4.02 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total transaction of $2,851,200.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at $65,133,288. The trade was a 4.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 312,441 shares worth $47,147,539. Company insiders own 34.25% of the company’s stock.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Huntington National Bank raised its holdings in shares of Reddit by 25.6% in the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares in the last quarter. Institute for Wealth Management LLC. boosted its position in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after acquiring an additional 62 shares during the last quarter. Roxbury Financial LLC grew its holdings in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares in the last quarter. Florida Financial Advisors LLC grew its holdings in shares of Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares in the last quarter. Finally, Diversified Trust Co increased its position in shares of Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares during the last quarter.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.