Reddit (NYSE:RDDT) Given New $150.00 Price Target at Citigroup

Reddit (NYSE:RDDT) had its target price reduced by Citigroup from $220.00 to $150.00 in a report published on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

RDDT has been the topic of several other research reports. Morgan Stanley lifted their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Guggenheim lowered their price target on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Loop Capital reissued a “buy” rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, Raymond James decreased their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $146.18.

Reddit Stock Performance

Shares of RDDT opened at $98.04 on Monday. The firm has a market cap of $17.74 billion and a PE ratio of -12.68. The business’s 50 day moving average price is $141.43 and its two-hundred day moving average price is $140.58. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Research analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. This represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock valued at $89,386,704 in the last quarter.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the 4th quarter worth approximately $28,000. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter valued at $33,000.

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.