Reddit (NYSE:RDDT) Price Target Lowered to $200.00 at Loop Capital

Reddit (NYSE:RDDT - Get Free Report) had its price target reduced by investment analysts at Loop Capital from $210.00 to $200.00 in a report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. Loop Capital's price objective points to a potential upside of 72.37% from the company's current price.

Several other equities research analysts have also recently commented on RDDT. Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price target for the company. B. Riley restated a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Citigroup upped their price objective on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. Finally, Morgan Stanley dropped their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $139.35.

Reddit Trading Up 0.9%

Shares of Reddit stock traded up $1.00 during trading hours on Thursday, hitting $116.03. 4,817,072 shares of the company were exchanged, compared to its average volume of 6,252,649. Reddit has a 1 year low of $49.13 and a 1 year high of $230.41. The business has a 50-day moving average of $107.82 and a 200-day moving average of $143.08. The stock has a market capitalization of $21.41 billion, a price-to-earnings ratio of -15.01, a P/E/G ratio of 4.72 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the prior year, the business earned ($8.19) earnings per share. The company's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, research analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total transaction of $269,761.65. Following the transaction, the chief accounting officer now directly owns 42,277 shares in the company, valued at approximately $4,179,081.45. This represents a 6.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. This trade represents a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 677,875 shares of company stock valued at $76,732,994 over the last quarter. Insiders own 34.25% of the company's stock.

Hedge Funds Weigh In On Reddit

Several large investors have recently added to or reduced their stakes in RDDT. Vanguard Group Inc. lifted its position in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the period. Alliancebernstein L.P. lifted its position in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock worth $593,733,000 after buying an additional 2,871,232 shares during the period. Brooklyn FI LLC purchased a new position in Reddit during the fourth quarter worth about $303,082,000. GQG Partners LLC purchased a new position in Reddit during the fourth quarter worth about $271,539,000. Finally, Whale Rock Capital Management LLC purchased a new position in Reddit during the fourth quarter worth about $204,054,000.

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.