The Goldman Sachs Group Lowers Reddit (NYSE:RDDT) Price Target to $180.00

Reddit (NYSE:RDDT) had its price objective cut by investment analysts at The Goldman Sachs Group from $206.00 to $180.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 13.59% from the stock’s current price.

Other analysts have also recently issued reports about the company. Wells Fargo & Company started coverage on Reddit in a research report on Tuesday, April 7th. They set an “equal weight” rating and a $149.00 price objective on the stock. Argus set a $300.00 price objective on Reddit in a research report on Friday, January 9th. Roth Mkm boosted their price objective on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $285.00 price target on shares of Reddit in a research note on Tuesday, January 20th. Finally, UBS Group set a $265.00 price target on Reddit in a research note on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $237.46.

Reddit Trading Up 2.5%

RDDT opened at $158.47 on Tuesday. The stock has a market cap of $30.27 billion, a PE ratio of 60.48, a P/E/G ratio of 1.12 and a beta of 2.40. Reddit has a 1 year low of $90.78 and a 1 year high of $282.95. The stock’s 50 day simple moving average is $140.96 and its 200-day simple moving average is $188.27.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. Equities analysts forecast that Reddit will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,507 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 294,441 shares worth $46,813,210. 34.25% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Reddit

A number of institutional investors and hedge funds have recently bought and sold shares of RDDT. Capital World Investors acquired a new position in Reddit in the fourth quarter worth $1,293,258,000. Norges Bank bought a new stake in shares of Reddit during the fourth quarter worth $372,047,000. Vanguard Group Inc. raised its position in shares of Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. Invesco Ltd. raised its position in shares of Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the last quarter. Finally, State Street Corp raised its position in shares of Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.