Morgan Stanley Cuts Reddit (NYSE:RDDT) Price Target to $140.00

Reddit (NYSE:RDDT) had its price target trimmed by Morgan Stanley from $210.00 to $140.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other research firms have also issued reports on RDDT. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research note on Thursday, February 6th. Oppenheimer initiated coverage on shares of Reddit in a report on Wednesday. They issued an “outperform” rating and a $125.00 price target on the stock. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Piper Sandler lowered their target price on shares of Reddit from $220.00 to $140.00 and set an “overweight” rating on the stock in a research note on Thursday, April 10th. Finally, Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $142.22.

Reddit Price Performance

Shares of NYSE RDDT opened at $96.04 on Thursday. The stock has a market capitalization of $17.37 billion and a P/E ratio of -12.42. Reddit has a 1 year low of $40.51 and a 1 year high of $230.41. The company has a 50-day moving average price of $131.49 and a 200-day moving average price of $140.88.

Reddit (NYSE:RDDT) last released its 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%. As a group, equities research analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 714,202 shares of company stock valued at $96,326,958 over the last three months.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in RDDT. Vanguard Group Inc. lifted its position in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in Reddit in the fourth quarter worth about $494,861,000. Alliancebernstein L.P. lifted its holdings in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares during the period. Brooklyn FI LLC bought a new stake in Reddit during the 4th quarter valued at approximately $303,082,000. Finally, GQG Partners LLC purchased a new position in shares of Reddit during the 4th quarter worth approximately $271,539,000.

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.