Reddit (NYSE:RDDT) Given New $140.00 Price Target at Piper Sandler

Reddit (NYSE:RDDT) had its price objective trimmed by Piper Sandler from $220.00 to $140.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts have also issued reports on the stock. Bank of America cut their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a report on Monday, March 31st. Truist Financial assumed coverage on shares of Reddit in a research report on Monday. They set a “buy” rating and a $150.00 price objective for the company. B. Riley boosted their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $151.73.

Reddit Trading Down 8.2 %

RDDT opened at $101.77 on Thursday. The company has a market cap of $18.41 billion and a price-to-earnings ratio of -13.16. The stock has a fifty day simple moving average of $146.17 and a two-hundred day simple moving average of $139.62. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. On average, analysts predict that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $59,593,902.64. The trade was a 2.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were 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. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 over the last ninety days.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. boosted its stake in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after buying an additional 2,537,768 shares during the period. Brooklyn FI LLC bought a new position in Reddit during the 4th quarter worth $303,082,000. Finally, GQG Partners LLC acquired a new position in Reddit in the 4th quarter valued at $271,539,000.

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.