Reddit (NYSE:RDDT) Price Target Lowered to $250.00 at Jefferies Financial Group

Reddit (NYSE:RDDT) had its target price cut by Jefferies Financial Group from $285.00 to $250.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s target price would suggest a potential upside of 81.71% from the company’s previous close.

Several other equities research analysts have also weighed in on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $285.00 price objective on shares of Reddit in a research note on Tuesday, January 20th. China Renaissance assumed coverage on Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price target on the stock. Robert W. Baird set a $200.00 price objective on Reddit in a report on Friday, February 6th. Morgan Stanley set a $240.00 price objective on shares of Reddit in a research note on Friday, February 6th. Finally, Guggenheim lifted their target price on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $236.00.

Reddit Stock Down 0.9%

RDDT traded down $1.28 during trading on Tuesday, reaching $137.58. The stock had a trading volume of 3,731,231 shares, compared to its average volume of 5,799,379. Reddit has a 1-year low of $79.75 and a 1-year high of $282.95. The firm has a market capitalization of $26.28 billion, a price-to-earnings ratio of 52.35, a price-to-earnings-growth ratio of 1.01 and a beta of 2.41. The stock has a 50 day moving average of $185.60 and a two-hundred day moving average of $207.22.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same period in the previous year, the company earned $0.36 earnings per share. Reddit’s revenue was up 69.7% compared to the same quarter last year. On average, research analysts forecast that Reddit will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 30,777 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $143.42, for a total value of $4,414,037.34. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,105,642.42. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. This represents a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 423,835 shares of company stock valued at $87,842,134 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the 3rd quarter valued at approximately $25,000. GW&K Investment Management LLC bought a new position in Reddit during the third quarter valued at approximately $30,000. Cornerstone Planning Group LLC raised its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. LOM Asset Management Ltd acquired a new stake in Reddit in the fourth quarter valued at approximately $33,000. Finally, Noble Wealth Management PBC bought a new stake in Reddit in the fourth quarter worth approximately $34,000.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.