Reddit (NYSE:RDDT) Price Target Lowered to $110.00 at Bank of America

Reddit (NYSE:RDDT) had its price target trimmed by Bank of America from $190.00 to $110.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research firms have also recently weighed in on RDDT. Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Piper Sandler upped their price target on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. JMP Securities set a $155.00 price objective on shares of Reddit in a research note on Friday, March 28th. Citigroup restated an “outperform” rating on shares of Reddit in a research report on Friday, March 28th. Finally, Truist Financial began coverage on Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 price target on the stock. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $151.73.

Reddit Stock Down 1.0 %

Shares of NYSE:RDDT opened at $101.01 on Wednesday. The firm has a fifty day simple moving average of $143.88 and a two-hundred day simple moving average of $139.85. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a market capitalization of $18.27 billion and a P/E ratio of -13.07.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS 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%. On average, analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In related news, Director David C. Habiger bought 774 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 603,794 shares of company stock valued at $89,386,704.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Plato Investment Management Ltd acquired a new position in Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit in the 4th quarter valued at approximately $33,000.

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.