Guggenheim Has Lowered Expectations for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target cut by Guggenheim from $210.00 to $170.00 in a research report released on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on RDDT. Raymond James dropped their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Needham & Company LLC boosted their target price on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $162.68.

Reddit Stock Up 6.2 %

Shares of Reddit stock opened at $115.46 on Thursday. Reddit has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. The company’s fifty day moving average is $171.19 and its 200 day moving average is $135.16.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $183,587,421.18. This represents a 2.22 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 503,794 shares of company stock worth $78,350,874 in the last quarter.

Institutional Investors Weigh In On Reddit

Institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new stake in Reddit in the 4th quarter worth about $494,861,000. Renaissance Capital LLC grew its position in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after acquiring an additional 139,135 shares during the period. Assetmark Inc. grew its position in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 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.