Raymond James Lowers Reddit (NYSE:RDDT) Price Target to $200.00

Reddit (NYSE:RDDT) had its price target cut by Raymond James from $250.00 to $200.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “strong-buy” rating on the stock. Raymond James’ price objective would suggest a potential upside of 65.12% from the stock’s current price.

RDDT has been the subject of a number of other reports. JMP Securities lifted their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Bank of America upped their price target on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company boosted their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $173.45.

Reddit Stock Performance

RDDT stock opened at $121.12 on Wednesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The company has a market capitalization of $21.91 billion and a price-to-earnings ratio of -15.67. The business’s 50 day moving average price is $178.06 and its two-hundred day moving average price is $132.22.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts forecast that Reddit will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 393,386 shares of company stock worth $66,673,388 over the last quarter.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently bought and sold shares of RDDT. FMR LLC raised its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the period. Vanguard Group Inc. raised its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. boosted its holdings in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares in the last quarter.

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.