Reddit (NYSE:RDDT) Given New $175.00 Price Target at Bank of America

Reddit (NYSE:RDDT) had its target price trimmed by Bank of America from $205.00 to $175.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

RDDT has been the topic of a number of other reports. Evercore reaffirmed an “outperform” rating and set a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Roth Mkm boosted their target price on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Oppenheimer lowered their target price on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Reddit in a report on Friday, February 6th. Finally, UBS Group set a $265.00 price target on shares of Reddit in a research note on Tuesday, January 13th. One 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 company’s stock. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus price target of $240.85.

Reddit Stock Down 0.1%

NYSE:RDDT opened at $136.06 on Thursday. The stock has a market cap of $25.99 billion, a price-to-earnings ratio of 51.93, a PEG ratio of 0.99 and a beta of 2.40. The company’s 50 day moving average price is $148.67 and its 200-day moving average price is $195.55. Reddit has a 52 week low of $79.75 and a 52 week high of $282.95.

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

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction dated 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 directly owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Sarah E. Farrell purchased 43,800 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were purchased at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the completion of the purchase, the director owned 43,800 shares in the company, valued at approximately $6,548,976. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 61,000 shares of company stock valued at $8,870,815 and have sold 355,078 shares valued at $63,644,203. Insiders own 34.25% of the company’s stock.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Huntington National Bank grew its position in shares of Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares during the period. Institute for Wealth Management LLC. raised its holdings in Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC raised its holdings in Reddit by 7.4% in the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares during the period. AdvisorNet Financial Inc lifted its position in Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after purchasing an additional 66 shares in the last quarter. Finally, Florida Financial Advisors LLC grew its holdings in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after purchasing an additional 68 shares during the period.

About Reddit

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.