Raymond James Has Lowered Expectations for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price reduced by investment analysts at Raymond James from $250.00 to $200.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ price objective indicates a potential upside of 65.12% from the company’s current price.

Several other research firms also recently commented on RDDT. Bank of America raised their price objective on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. JMP Securities boosted their price objective on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Guggenheim assumed coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $173.45.

Reddit Price Performance

Shares of NYSE RDDT opened at $121.12 on Wednesday. The stock has a market capitalization of $21.91 billion and a PE ratio of -15.67. Reddit has a one year low of $37.35 and a one year high of $230.41. The business’s fifty day moving average price is $178.06 and its 200-day moving average price is $132.22.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, equities analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 393,386 shares of company stock valued at $66,673,388.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Kilter Group LLC purchased a new position in shares of Reddit in the fourth quarter valued at about $928,000. Castle Rock Wealth Management LLC purchased a new stake in Reddit in the 4th quarter worth approximately $789,000. Brooklyn FI LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $6,339,000. Employees Retirement System of Texas purchased a new position in shares of Reddit during the fourth quarter valued at approximately $1,803,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Reddit during the fourth quarter valued at approximately $917,000.

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.