Roth Mkm Downgrades Reddit (NYSE:RDDT) to Neutral

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

A number of other equities research analysts also recently weighed in on the company. Wells Fargo & Company began coverage on Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Piper Sandler upped their price target on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Loop Capital lifted their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Needham & Company LLC upped their target price on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Finally, B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Stock Performance

Shares of NYSE RDDT opened at $181.55 on Wednesday. Reddit has a one year low of $37.35 and a one year high of $191.00. The business has a fifty day simple moving average of $161.24 and a 200 day simple moving average of $102.91.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit will post -3.48 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 259,357 shares of company stock worth $39,528,738.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently modified their holdings of RDDT. Ridgewood Investments LLC boosted its stake in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Whittier Trust Co. acquired a new stake in Reddit in the third quarter worth $42,000. Blue Trust Inc. bought a new position in shares of Reddit during the fourth quarter worth $59,000. New Wave Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at $69,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the 3rd quarter valued at $85,000.

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.