Reddit (NYSE:RDDT) Price Target Lowered to $140.00 at Morgan Stanley

Reddit (NYSE:RDDT) had its price objective reduced by Morgan Stanley from $210.00 to $140.00 in a research report report published on Thursday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

RDDT has been the topic of several other reports. JMP Securities set a $155.00 price objective on shares of Reddit in a report on Friday, March 28th. Truist Financial initiated coverage on Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 price target on the stock. Guggenheim decreased their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. JPMorgan Chase & Co. cut their target price on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $142.22.

Reddit Price Performance

Shares of RDDT opened at $96.04 on Thursday. The firm has a market capitalization of $17.37 billion and a price-to-earnings ratio of -12.42. The company has a 50-day moving average of $133.84 and a 200 day moving average of $140.17. Reddit has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. On average, equities analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the sale, the chief financial officer now owns 499,295 shares of the company’s stock, valued at $61,952,523.60. This trade represents a 16.69 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 680,868 shares of company stock worth $93,193,895 over the last 90 days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. lifted its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC acquired a new stake in Reddit in the 4th quarter valued at $303,082,000. Finally, GQG Partners LLC acquired a new stake in Reddit in the 4th quarter valued at $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.