Reddit (NYSE:RDDT) Price Target Cut to $180.00 by Analysts at The Goldman Sachs Group

Reddit (NYSE:RDDT) had its price target cut by The Goldman Sachs Group from $206.00 to $180.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other analysts have also recently commented on the company. Guggenheim upped their target price on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. Piper Sandler reiterated an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a report on Friday, February 6th. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a report on Wednesday, April 8th. Evercore reiterated an “outperform” rating and issued a $290.00 target price on shares of Reddit in a report on Friday, February 6th. Finally, Argus set a $300.00 target price on Reddit in a report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $237.46.

Reddit Trading Up 3.5%

NYSE:RDDT opened at $154.55 on Tuesday. The stock has a market cap of $29.53 billion, a P/E ratio of 58.99, a price-to-earnings-growth ratio of 1.09 and a beta of 2.40. The stock’s 50-day moving average is $140.84 and its 200-day moving average is $188.48. Reddit has a 1-year low of $90.78 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the previous year, the business posted $0.36 earnings per share. The business’s quarterly revenue was up 69.7% compared to the same quarter last year. As a group, equities analysts forecast that Reddit will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total value of $4,805,238.87. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. The trade was a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sarah E. Farrell purchased 43,800 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was acquired at an average cost of $149.52 per share, for a total transaction of $6,548,976.00. Following the completion of the purchase, the director owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This trade represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 61,000 shares of company stock valued at $8,870,815 and sold 312,441 shares valued at $51,003,250. 34.25% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in RDDT. Purpose Unlimited Inc. acquired a new position in shares of Reddit during the fourth quarter worth approximately $383,000. Rockefeller Capital Management L.P. raised its position in shares of Reddit by 3.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,697 shares of the company’s stock worth $2,689,000 after purchasing an additional 340 shares during the period. World Investment Advisors raised its position in shares of Reddit by 37.4% during the fourth quarter. World Investment Advisors now owns 2,533 shares of the company’s stock worth $582,000 after purchasing an additional 689 shares during the period. Corient Private Wealth LLC raised its position in shares of Reddit by 58.5% during the fourth quarter. Corient Private Wealth LLC now owns 8,491 shares of the company’s stock worth $1,949,000 after purchasing an additional 3,134 shares during the period. Finally, SHP Wealth Management acquired a new position in shares of Reddit during the fourth quarter worth approximately $78,000.

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.