Raymond James Has Lowered Expectations for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price decreased by Raymond James from $250.00 to $200.00 in a research note published on Wednesday morning,Benzinga reports. Raymond James currently has a strong-buy rating on the stock.

A number of other brokerages have also recently weighed in on RDDT. Morgan Stanley boosted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Bank of America boosted their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $173.45.

Reddit Trading Up 6.5 %

Shares of NYSE:RDDT opened at $130.74 on Wednesday. The business has a 50-day moving average price of $178.95 and a 200 day moving average price of $132.30. The company has a market capitalization of $23.65 billion and a price-to-earnings ratio of -16.91. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41.

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

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction on 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 owns 48,418 shares in the company, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 393,386 shares of company stock valued at $66,673,388 over the last quarter.

Institutional Trading of Reddit

Institutional investors have recently bought and sold shares of the company. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC lifted its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000.

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.