Bank of America Cuts Reddit (NYSE:RDDT) Price Target to $175.00

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

Several other analysts have also commented on the company. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. Jefferies Financial Group reduced their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. The Goldman Sachs Group lowered their target price on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Finally, Evercore reiterated an “outperform” rating and set a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average target price of $240.85.

Reddit Stock Up 0.0%

Shares of RDDT opened at $136.06 on Thursday. The company has a 50-day moving average price of $147.02 and a two-hundred day moving average price of $194.16. The stock has a market cap of $25.99 billion, a price-to-earnings ratio of 51.93, a P/E/G ratio of 0.99 and a beta of 2.40. Reddit has a 12 month low of $79.75 and a 12 month high of $282.95.

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

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the firm’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 completion of the sale, the chief technology officer directly owned 185,057 shares in the company, 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 filing with the SEC, which is available through this link. Also, insider Benjamin Seong Lee sold 27,930 shares of the firm’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $260.08, for a total value of $7,264,034.40. Following the completion of the sale, the insider owned 62,608 shares of the company’s stock, valued at approximately $16,283,088.64. This trade represents a 30.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have purchased 61,000 shares of company stock worth $8,870,815 and have sold 355,078 shares worth $63,644,203. 34.25% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank raised its stake in shares of Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after acquiring an additional 55 shares during the last quarter. Institute for Wealth Management LLC. grew its stake in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares during the last quarter. Roxbury Financial LLC grew its stake in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in shares of Reddit by 2.8% in 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 increased its holdings in shares of Reddit by 6.7% in 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 in 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.