Reddit (NYSE:RDDT) PT Set at $125.00 by Royal Bank Of Canada

Reddit (NYSE:RDDT - Get Free Report) has been assigned a $125.00 price target by equities researchers at Royal Bank Of Canada in a report released on Wednesday, MarketBeat Ratings reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's price target would indicate a potential downside of 12.71% from the company's previous close.

Other research analysts have also issued reports about the stock. Truist Financial assumed coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. Morgan Stanley lowered their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. 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. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a report on Friday, May 2nd. Finally, Piper Sandler restated an "overweight" rating and issued a $150.00 price target (up previously from $140.00) on shares of Reddit in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $139.57.

Reddit Stock Performance

Reddit stock traded down $0.74 during mid-day trading on Wednesday, reaching $143.21. 17,682,969 shares of the company were exchanged, compared to its average volume of 6,567,720. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41. The firm's 50-day simple moving average is $116.69 and its two-hundred day simple moving average is $141.95. The firm has a market cap of $26.42 billion, a PE ratio of 242.73, a price-to-earnings-growth ratio of 3.70 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm's revenue for the quarter was up 61.5% on a year-over-year basis. During the same period last year, the firm earned ($8.19) EPS. As a group, equities research analysts anticipate that Reddit will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares of the company's stock, valued at $59,593,902.64. This represents a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 617,285 shares of company stock valued at $68,926,130 in the last quarter. 34.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reddit

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its holdings in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the last quarter. Vanguard Group Inc. grew its stake in Reddit by 11.1% during the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after buying an additional 1,017,162 shares during the period. Alliancebernstein L.P. grew its stake 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. T. Rowe Price Investment Management Inc. increased its position in shares of Reddit by 10.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company's stock worth $427,357,000 after acquiring an additional 389,761 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after acquiring an additional 944,847 shares during the period.

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.