Reddit (NYSE:RDDT) Price Target Lowered to $200.00 at JPMorgan Chase & Co.

Reddit (NYSE:RDDTFree Report) had its price objective cut by JPMorgan Chase & Co. from $227.00 to $200.00 in a report issued on Friday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research analysts also recently weighed in on the stock. Oppenheimer cut their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Morgan Stanley set a $240.00 price target on Reddit in a research note on Friday. B. Riley Financial raised their price objective on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $241.31.

Check Out Our Latest Analysis on RDDT

Reddit Trading Down 7.8%

RDDT opened at $139.27 on Friday. The stock has a fifty day moving average price of $221.22 and a 200 day moving average price of $214.67. Reddit has a 1 year low of $79.75 and a 1 year high of $282.95. The stock has a market cap of $26.39 billion, a price-to-earnings ratio of 53.16, a PEG ratio of 1.05 and a beta of 2.17.

Reddit (NYSE:RDDTGet Free Report) last posted its quarterly earnings results 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. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 22.03% and a net margin of 24.05%.The business’s quarterly revenue was up 69.7% on a year-over-year basis. During the same period last year, the business earned $0.36 EPS. As a group, sell-side analysts forecast that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 3,674 shares of Reddit stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $261.21, for a total value of $959,685.54. Following the transaction, the chief financial officer directly owned 251,644 shares of the company’s stock, valued at $65,731,929.24. The trade was a 1.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Jennifer L. Wong sold 27,159 shares of the stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $6,130,601.07. Following the completion of the sale, the chief operating officer directly owned 1,157,369 shares of the company’s stock, valued at $261,252,904.37. This represents a 2.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 523,511 shares of company stock worth $114,237,285. Insiders own 34.25% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Reddit by 13.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock valued at $167,000 after buying an additional 86 shares during the period. Kingdom Financial Group LLC. acquired a new position in Reddit in the 4th quarter valued at approximately $146,000. Pinnbrook Capital Management LP raised its holdings in Reddit by 4.9% in the 4th quarter. Pinnbrook Capital Management LP now owns 8,670 shares of the company’s stock valued at $1,993,000 after acquiring an additional 406 shares in the last quarter. Leonteq Securities AG bought a new stake in shares of Reddit in the 4th quarter worth approximately $859,000. Finally, IFP Advisors Inc grew its holdings in shares of Reddit by 33.0% during the 4th quarter. IFP Advisors Inc now owns 1,059 shares of the company’s stock worth $243,000 after purchasing an additional 263 shares in the last quarter.

Reddit News Summary

Here are the key news stories impacting Reddit this week:

Reddit Company Profile

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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.

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Analyst Recommendations for Reddit (NYSE:RDDT)

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