Roth Capital Downgrades Reddit (NYSE:RDDT) to Hold

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

A number of other brokerages have also commented on RDDT. Raymond James boosted their price objective on Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Tuesday. B. Riley increased their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. JMP Securities lifted their price objective on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. Robert W. Baird increased their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Finally, The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.20.

Reddit Trading Down 2.4 %

Shares of RDDT opened at $183.79 on Wednesday. The business’s fifty day moving average is $161.24 and its 200 day moving average is $102.91. Reddit has a 12-month low of $37.35 and a 12-month high of $191.00.

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

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock valued at $39,528,738 over the last three months.

Hedge Funds Weigh In On Reddit

Several hedge funds have recently made changes to their positions in RDDT. FMR LLC lifted its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new position in shares of Reddit in the third quarter worth $474,403,000. Point72 Asset Management L.P. raised its position in shares of Reddit by 3,172.0% in the third 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. Holocene Advisors LP boosted its stake in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC grew its position in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 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.