Bank of America Has Lowered Expectations for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective lowered by Bank of America from $190.00 to $110.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price objective points to a potential upside of 24.32% from the company’s previous close.

A number of other research firms have also recently commented on RDDT. Raymond James cut their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Piper Sandler lifted their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Guggenheim cut their target price on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. JMP Securities set a $155.00 target price on shares of Reddit in a research report on Friday, March 28th. Finally, B. Riley upped their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $155.36.

Reddit Trading Down 4.9 %

RDDT stock opened at $88.48 on Wednesday. The company has a 50-day moving average price of $151.73 and a 200 day moving average price of $139.25. The stock has a market cap of $16.01 billion and a PE ratio of -11.45. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Sell-side analysts forecast that Reddit will post 1.12 EPS for the current year.

Insider Buying and Selling

In other 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 sale, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,794 shares of company stock worth $89,386,704.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Plato Investment Management Ltd bought a new stake in shares of Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter valued at $28,000. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit during the 4th quarter worth approximately $33,000.

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.