Reddit (NYSE:RDDT) Price Target Cut to $124.00 by Analysts at The Goldman Sachs Group

Reddit (NYSE:RDDT - Free Report) had its price target cut by The Goldman Sachs Group from $185.00 to $124.00 in a research report sent to investors on Monday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages also recently issued reports on RDDT. JPMorgan Chase & Co. decreased their price objective on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. JMP Securities set a $155.00 price target on Reddit in a report on Friday, March 28th. Raymond James dropped their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Wells Fargo & Company reduced their target price on shares of Reddit from $215.00 to $158.00 and set an "overweight" rating on the stock in a research note on Monday, March 31st. Finally, Seaport Res Ptn raised 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 issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $142.22.

Reddit Stock Performance

NYSE:RDDT traded up $0.66 during trading hours on Monday, reaching $96.04. The stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,521,081. The stock has a market capitalization of $17.37 billion and a PE ratio of -12.42. Reddit has a 52 week low of $40.17 and a 52 week high of $230.41. The company has a 50 day moving average price of $131.49 and a two-hundred day moving average price of $140.37.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now owns 35,252 shares of the company's stock, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 714,202 shares of company stock worth $96,326,958.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $33,000.

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.