Reddit (NYSE:RDDT) Price Target Cut to $260.00 by Analysts at Truist Financial

Key Points

• Truist cut its price target on Reddit from $275 to $260 while maintaining a "buy" rating, a target that implies about an 87.41% upside from the current share price.
• The analyst consensus is a Moderate Buy with a consensus price target of $240.27, reflecting wide analyst divergence (targets range roughly from $175 to $290 across firms).
• Reddit recently beat quarterly EPS and revenue estimates—EPS $1.24 vs. $0.96 expected and revenue up 69.7% year‑over‑year—while shares trade near $138.74, leaving room for the cited analyst upside.

Reddit (NYSE:RDDT - Get Free Report) had its price target lowered by analysts at Truist Financial from $275.00 to $260.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 87.41% from the company's current price.

A number of other analysts also recently commented on RDDT. Wells Fargo & Company set a $196.00 price target on Reddit in a research report on Monday, February 9th. Bank of America decreased their price target on Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. B. Riley Financial increased their price target on Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, February 6th. Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a research report on Tuesday, March 31st. Finally, Evercore reaffirmed an "outperform" rating and set a $290.00 price target on shares of Reddit in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $240.27.

Reddit Stock Up 2.0%

Shares of Reddit stock opened at $138.74 on Tuesday. The company has a market cap of $26.50 billion, a PE ratio of 52.95, a price-to-earnings-growth ratio of 0.99 and a beta of 2.40. Reddit has a 52 week low of $79.75 and a 52 week high of $282.95. The business has a 50 day moving average price of $145.51 and a 200-day moving average price of $192.72.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit's revenue was up 69.7% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share. As a group, research analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the firm's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at $156,094,757.91. This trade represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 9,500 shares of the firm's stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $141.28, for a total value of $1,342,160.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares of the company's stock, valued at $5,426,988.64. This represents a 19.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 346,665 shares valued at $61,518,069. 34.25% of the stock is currently owned by insiders.

Institutional Trading of Reddit

Large investors have recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new stake in Reddit in the third quarter worth $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit in the third quarter valued at $30,000. Cornerstone Planning Group LLC grew its position in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock valued at $31,000 after purchasing an additional 135 shares in the last quarter. LOM Asset Management Ltd purchased a new position in shares of Reddit in the fourth quarter valued at $33,000. Finally, Noble Wealth Management PBC purchased a new position in shares of Reddit in the fourth quarter valued at $34,000.

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.

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