Reddit (NYSE:RDDT) Price Target Cut to $170.00 by Analysts at Guggenheim

Reddit (NYSE:RDDT) had its price objective reduced by equities researchers at Guggenheim from $210.00 to $170.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price target suggests a potential upside of 54.11% from the company’s current price.

Several other equities analysts have also weighed in on RDDT. Redburn Partners set a $75.00 price objective on shares of Reddit in a report on Monday. Citigroup restated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and lifted their price target for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC raised their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $162.68.

Reddit Price Performance

NYSE RDDT opened at $110.31 on Thursday. The stock has a market capitalization of $19.96 billion and a P/E ratio of -14.42. The business has a 50 day simple moving average of $173.50 and a 200 day simple moving average of $134.41. Reddit has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data 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 net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts expect that Reddit will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This trade represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 over the last three months.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System increased its holdings in Reddit by 126.6% during the 4th quarter. California State Teachers Retirement System now owns 48,380 shares of the company’s stock worth $7,907,000 after acquiring an additional 27,032 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Reddit during the 4th quarter valued at $2,208,000. Kilter Group LLC purchased a new position in shares of Reddit during the 4th quarter valued at $928,000. Castle Rock Wealth Management LLC bought a new position in shares of Reddit in the fourth quarter worth $789,000. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit in the fourth quarter worth $6,339,000.

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.