Reddit (NYSE:RDDT) Downgraded by Roth Capital to “Hold”

Roth Capital cut shares of Reddit (NYSE:RDDT) from a strong-buy rating to a hold rating in a report released on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also recently issued reports on RDDT. Needham & Company LLC boosted their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Bank of America raised their price target on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 8th. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, JMP Securities raised their target price on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $158.20.

Reddit Trading Down 2.4 %

Shares of RDDT opened at $183.79 on Wednesday. Reddit has a 52 week low of $37.35 and a 52 week high of $191.00. The firm’s 50-day simple moving average is $161.24 and its 200 day simple moving average is $102.91.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% compared to the same quarter last year. On average, equities analysts forecast that Reddit will post -3.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $73,735,305.75. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 259,357 shares of company stock worth $39,528,738.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Whittier Trust Co. bought a new stake in shares of Reddit in the 3rd quarter valued at $42,000. Blue Trust Inc. acquired a new position in shares of Reddit during the 4th quarter valued at $59,000. Daiwa Securities Group Inc. bought a new position in Reddit during the third quarter worth $85,000. Finally, AdvisorNet Financial Inc grew its holdings in Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after purchasing an additional 201 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.