Reddit (NYSE:RDDT) Price Target Cut to $260.00 by Analysts at Truist Financial
by Sarita Garza · The Markets DailyReddit (NYSE:RDDT – Get Free Report) had its target price cut by investment analysts at Truist Financial from $275.00 to $260.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 87.41% from the company’s current price.
RDDT has been the subject of several other reports. UBS Group set a $265.00 price target on Reddit in a research report on Tuesday, January 13th. Jefferies Financial Group dropped their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Roth Mkm lifted their price objective on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Finally, B. Riley Financial lifted their price objective on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $240.27.
View Our Latest Analysis on Reddit
Reddit Stock Performance
Shares of NYSE RDDT opened at $138.74 on Tuesday. The stock has a market cap of $26.50 billion, a PE ratio of 52.95, a price-to-earnings-growth ratio of 0.99 and a beta of 2.40. Reddit has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The stock has a fifty day moving average of $145.51 and a 200-day moving average of $192.72.
Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 earnings per share. On average, sell-side analysts predict that Reddit will post 1.12 EPS for the current year.
Insider Transactions at Reddit
In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of Reddit stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $156,094,757.91. The trade was a 2.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 9,500 shares of Reddit stock in a transaction dated Monday, March 23rd. The stock was sold at an average price of $141.28, for a total value of $1,342,160.00. Following the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,426,988.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders bought 61,000 shares of company stock worth $8,870,815 and sold 346,665 shares worth $61,518,069. Insiders own 34.25% of the company’s stock.
Institutional Investors Weigh In On Reddit
Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the last quarter. Capital World Investors bought a new stake in Reddit during the fourth quarter worth about $1,293,258,000. State Street Corp lifted its stake in Reddit by 6.0% during the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after purchasing an additional 149,401 shares during the last quarter. Geode Capital Management LLC lifted its stake in Reddit by 4.7% during the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after purchasing an additional 106,821 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Reddit by 11.4% during the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after purchasing an additional 242,709 shares during the last quarter.
Reddit Company Profile
Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.
Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.