Reddit (NYSE:RDDT) Downgraded to “Neutral” Rating by Roth Mkm

Reddit (NYSE:RDDT) was downgraded by research analysts at Roth Mkm from a “buy” rating to a “neutral” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. They presently have a $195.00 target price on the stock, up from their previous target price of $116.00. Roth Mkm’s price target would indicate a potential upside of 3.31% from the company’s current price.

Several other research firms have also recently weighed in on RDDT. Guggenheim started coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. The Goldman Sachs Group raised their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Robert W. Baird boosted their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Finally, Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $158.20.

Reddit Stock Performance

NYSE RDDT opened at $188.74 on Wednesday. The stock’s 50 day simple moving average is $160.20 and its 200 day simple moving average is $102.35. Reddit has a one year low of $37.35 and a one year high of $191.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities research analysts forecast that Reddit will post -3.48 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 46,459 shares in the company, valued at $5,314,909.60. The trade was a 9.72 % 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, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $73,735,305.75. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock worth $39,528,738 in the last ninety days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC raised its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter valued at $474,403,000. Holocene Advisors LP increased its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the period. Point72 Asset Management L.P. increased its position in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC lifted its holdings in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the period.

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.