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

Reddit (NYSE:RDDT) had its target price dropped by stock analysts at Guggenheim from $170.00 to $165.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s price objective would suggest a potential upside of 46.00% from the company’s previous close.

RDDT has been the topic of a number of other reports. Robert W. Baird increased their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Piper Sandler reissued an “overweight” rating and set a $150.00 price objective (up previously from $140.00) on shares of Reddit in a report on Friday. B. Riley raised their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Morgan Stanley reduced their target price on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have issued a buy rating and one has issued 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 price target of $142.30.

Reddit Price Performance

Shares of NYSE:RDDT opened at $113.01 on Friday. The business’s fifty day moving average price is $116.82 and its two-hundred day moving average price is $143.67. Reddit has a fifty-two week low of $46.75 and a fifty-two week high of $230.41. The stock has a market capitalization of $20.44 billion, a price-to-earnings ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the firm earned ($8.19) EPS. The firm’s quarterly revenue was up 61.5% compared to the same quarter last year. Research analysts expect that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $99.75, for a total transaction of $1,097,250.00. Following the completion of the transaction, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at approximately $28,050,996.75. The trade was a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 711,270 shares of company stock worth $94,239,985 in the last quarter.

Institutional Investors Weigh In On Reddit

Hedge funds and other institutional investors have recently bought and sold shares of the company. Everence Capital Management Inc. acquired a new position in Reddit during the 4th quarter worth approximately $531,000. Watts Gwilliam & Co. LLC bought a new stake in shares of Reddit in the fourth quarter worth $337,000. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Westmount Partners LLC bought a new position in Reddit in the fourth quarter valued at $391,000. Finally, Sivia Capital Partners LLC increased its stake in Reddit by 277.6% in the 4th quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company’s stock valued at $30,167,000 after buying an additional 135,700 shares during the last quarter.

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.