Reddit (NYSE:RDDT) Given New $120.00 Price Target at Robert W. Baird

Reddit (NYSE:RDDT) had its price objective reduced by Robert W. Baird from $140.00 to $120.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also recently commented on RDDT. Oppenheimer assumed coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an “outperform” rating and a $125.00 price objective for the company. JPMorgan Chase & Co. cut their price target on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Roth Mkm increased their price target on Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Morgan Stanley lowered their target price on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, Bank of America lowered their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.45.

Reddit Trading Down 9.4%

NYSE:RDDT opened at $95.71 on Wednesday. The company has a market capitalization of $17.66 billion, a P/E ratio of -12.38, a PEG ratio of 4.72 and a beta of 2.90. The firm has a fifty day simple moving average of $107.99 and a 200-day simple moving average of $145.25. Reddit has a 12 month low of $49.13 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company’s revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the company earned ($8.19) earnings per share. Equities analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at $18,095,407.35. The trade was a 44.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Porter Gale sold 20,000 shares of Reddit stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the completion of the sale, the director now directly owns 26,309 shares in the company, valued at $4,464,900.39. This represents a 43.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 835,678 shares of company stock valued at $104,986,901 over the last ninety days.

Institutional Investors Weigh In On Reddit

A number of hedge funds have recently modified their holdings of the business. Jennison Associates LLC purchased a new position in Reddit during the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC increased its stake in shares of Reddit by 14.2% in 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 last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after acquiring an additional 139,135 shares during the last quarter. Assetmark Inc. increased 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 worth $7,539,000 after acquiring an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $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.