Reddit (NYSE:RDDT) Cut to “Neutral” at Roth Mkm

Reddit (NYSE:RDDT) was downgraded by equities research analysts at Roth Mkm from a “buy” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat Ratings reports. They presently have a $195.00 price target on the stock, up from their previous price target of $116.00. Roth Mkm’s price objective points to a potential upside of 7.41% from the company’s current price.

A number of other equities analysts also recently weighed in on the company. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. The Goldman Sachs Group increased their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Wells Fargo & Company started coverage on shares of Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. JMP Securities increased their price objective on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Finally, Guggenheim started coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $158.20.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $181.55 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $191.00. The company’s fifty day simple moving average is $161.24 and its 200 day simple moving average is $102.91.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. Sell-side analysts expect that Reddit will post -3.48 EPS for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now owns 46,459 shares in the company, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $39,528,738 over the last quarter.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Heck Capital Advisors LLC bought a new position in shares of Reddit during the fourth quarter worth approximately $125,000. New Wave Wealth Advisors LLC acquired a new position in Reddit in the 4th quarter valued at $69,000. Defender Capital LLC. bought a new stake in shares of Reddit during the 4th quarter valued at $492,000. Strategic Blueprint LLC acquired a new stake in shares of Reddit during the 4th quarter worth $404,000. Finally, Masso Torrence Wealth Management Inc. bought a new position in shares of Reddit in the fourth quarter worth $400,000.

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.