Piper Sandler Cuts Reddit (NYSE:RDDT) Price Target to $140.00

Reddit (NYSE:RDDT) had its price target lowered by Piper Sandler from $220.00 to $140.00 in a research note published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

RDDT has been the topic of several other research reports. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company decreased their price objective on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and increased their target price for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Morgan Stanley increased their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $151.73.

Reddit Stock Performance

Shares of RDDT stock opened at $101.01 on Thursday. Reddit has a one year low of $37.35 and a one year high of $230.41. The firm’s 50 day moving average price is $143.88 and its 200-day moving average price is $139.85. The firm has a market cap of $18.27 billion and a P/E ratio of -13.07.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, research analysts predict that Reddit will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the sale, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 603,794 shares of company stock valued at $89,386,704.

Institutional Trading of Reddit

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. boosted its holdings in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period. Brooklyn FI LLC acquired a new stake in Reddit in the 4th quarter worth $303,082,000. Finally, GQG Partners LLC acquired a new stake in Reddit in the 4th quarter worth $271,539,000.

Reddit Company Profile

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.