JPMorgan Chase & Co. Cuts Reddit (NYSE:RDDT) Price Target to $110.00

Reddit (NYSE:RDDT) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $185.00 to $110.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 19.34% from the stock’s previous close.

Several other analysts have also weighed in on the company. Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Reddit in a report on Friday, March 21st. B. Riley increased their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird lifted their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Guggenheim dropped their price target on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $159.00.

Reddit Trading Down 0.9 %

RDDT stock traded down $0.83 during mid-day trading on Tuesday, hitting $92.17. The stock had a trading volume of 4,814,088 shares, compared to its average volume of 5,400,371. The firm has a fifty day simple moving average of $156.11 and a 200 day simple moving average of $139.45. The firm has a market capitalization of $16.67 billion and a P/E ratio of -11.86. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41.

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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,794 shares of company stock worth $89,386,704.

Institutional Trading of Reddit

Several hedge funds have recently made changes to their positions in the company. FMR LLC increased its holdings in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after acquiring an additional 913,189 shares during the last quarter. Vanguard Group Inc. grew its stake in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC bought a new stake in Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. lifted its position in shares of Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock worth $304,325,000 after acquiring an additional 211,636 shares during the period.

Reddit Company Profile

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.