Guggenheim Lowers Reddit (NYSE:RDDT) Price Target to $170.00

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

RDDT has been the subject of a number of other research reports. Raymond James cut their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Piper Sandler increased their price objective on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Robert W. Baird boosted their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Two 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $162.68.

Reddit Stock Down 1.1 %

Shares of Reddit stock opened at $108.68 on Thursday. The stock has a market cap of $19.66 billion and a PE ratio of -14.06. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The business has a fifty day simple moving average of $172.23 and a 200-day simple moving average of $134.23.

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

Insider Buying and Selling

In related news, Director David C. Habiger acquired 774 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 503,794 shares of company stock valued at $78,350,874.

Hedge Funds Weigh In On Reddit

Large investors have recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC boosted its stake in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after buying an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the period. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings 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 worth $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.