The Goldman Sachs Group Lowers Reddit (NYSE:RDDT) Price Target to $124.00

Reddit (NYSE:RDDT) had its price objective lowered by The Goldman Sachs Group from $185.00 to $124.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also commented on the stock. Citigroup restated an “outperform” rating on shares of Reddit in a report on Friday, March 28th. Bank of America decreased their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Seaport Res Ptn raised Reddit to a “hold” rating in a research report on Thursday, February 6th. Robert W. Baird increased their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Wells Fargo & Company dropped their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $146.18.

Reddit Trading Down 3.1 %

Shares of NYSE:RDDT opened at $98.04 on Monday. The company has a 50-day moving average price of $141.43 and a 200-day moving average price of $140.58. The company has a market cap of $17.74 billion and a price-to-earnings ratio of -12.68. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last released 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 return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $106,161,139.26. This represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. In the last ninety days, insiders sold 603,794 shares of company stock worth $89,386,704.

Institutional Trading of Reddit

Several hedge funds have recently bought and sold shares of RDDT. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Renaissance Capital LLC raised its stake in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after purchasing an additional 139,135 shares in the last quarter. Assetmark Inc. boosted its position in shares of Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after purchasing an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new stake in shares of Reddit in the fourth quarter worth $327,000.

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.