Reddit (NYSE:RDDT) Price Target Cut to $120.00 by Analysts at Robert W. Baird

Reddit (NYSE:RDDT - Free Report) had its price objective cut by Robert W. Baird from $140.00 to $120.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts also recently issued reports about the company. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Loop Capital reissued a "buy" rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Oppenheimer assumed coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective on the stock. Guggenheim reduced their target price on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, Truist Financial started coverage on shares of Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus target price of $140.45.

Reddit Trading Up 2.8%

Shares of Reddit stock traded up $2.71 on Wednesday, reaching $101.03. 6,742,771 shares of the stock were exchanged, compared to its average volume of 6,070,430. The firm has a market capitalization of $18.64 billion, a PE ratio of -13.07, a PEG ratio of 4.72 and a beta of 2.90. Reddit has a 1-year low of $49.13 and a 1-year high of $230.41. The business has a fifty day moving average price of $107.27 and a two-hundred day moving average price of $145.29.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm's quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($8.19) EPS. Research analysts expect that Reddit will post 1.12 EPS for the current year.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 2,729 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total transaction of $269,761.65. Following the completion of the transaction, the chief accounting officer now owns 42,277 shares in the company, valued at $4,179,081.45. The trade was a 6.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 782,139 shares of company stock valued at $93,843,152.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Jennison Associates LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its holdings in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after buying an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. increased its stake in Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after purchasing an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC acquired a new position in Reddit in the 4th quarter worth approximately $327,000.

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.