Robert W. Baird Has Lowered Expectations for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target dropped by stock analysts at Robert W. Baird from $140.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 21.62% from the stock’s previous close.

Several other research firms have also recently weighed in on RDDT. Bank of America lowered their price objective on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group lifted their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Roth Mkm boosted their price target on shares of Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $115.00 price target (down from $168.00) on shares of Reddit in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.45.

Reddit Trading Up 2.9%

RDDT opened at $98.66 on Wednesday. The business’s 50 day moving average is $107.45 and its 200-day moving average is $145.18. The stock has a market cap of $18.21 billion, a PE ratio of -12.76, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit has a twelve month low of $49.13 and a twelve month high of $230.41.

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

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. This trade represents a 7.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’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 sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. This trade represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 851,261 shares of company stock valued at $105,096,214 over the last ninety days.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. UMB Bank n.a. grew its stake in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after acquiring an additional 150 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in Reddit during the fourth quarter valued at approximately $147,000. West Branch Capital LLC purchased a new position in Reddit during the fourth quarter valued at approximately $245,000. Janney Montgomery Scott LLC grew its stake in Reddit by 31.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company’s stock valued at $1,436,000 after acquiring an additional 2,096 shares in the last quarter. Finally, Conway Capital Management Inc. purchased a new position in Reddit during the fourth quarter valued at approximately $335,000.

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.