Reddit (NYSE:RDDT) Stock Gets Price Target Cut from Guggenheim

Reddit (NYSE:RDDT) had its price target reduced by Guggenheim from $170.00 to $140.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Loop Capital lowered shares of Reddit from a “buy” rating to a “hold” rating and set a $100.00 price target on the stock. in a report on Monday, November 2nd. BNP Paribas Exane decreased their price objective on Reddit from $180.00 to $110.00 in a report on Friday, October 30th. DA Davidson decreased their price objective on Reddit from $185.00 to $125.00 and set a “buy” rating for the company in a report on Monday, November 2nd. Morgan Stanley lowered their price objective on Reddit from $240.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, August 21st. Finally, Oppenheimer downgraded Reddit from an “outperform” rating to a “market perform” rating in a research note on Friday, October 30th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and fifteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $175.45.

Reddit Stock Down 5.8%

Shares of Reddit stock opened at $99.52 on Tuesday. The firm’s 50 day moving average price is $140.41 and its 200-day moving average price is $154.40. Reddit has a 52-week low of $89.28 and a 52-week high of $263.50. The company has a market cap of $19.22 billion, a P/E ratio of 21.56, a PEG ratio of 0.43 and a beta of 2.28.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, October 29th. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07. Reddit had a net margin of 32.10% and a return on equity of 30.57%. The firm had revenue of $894.96 million during the quarter, compared to analyst estimates of $874.91 million. During the same quarter in the previous year, the business posted $0.80 EPS. Reddit’s revenue was up 53.0% on a year-over-year basis. As a group, equities research analysts forecast that Reddit will post 5.42 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, COO Jennifer Wong sold 60,000 shares of the company’s stock in a transaction on Wednesday, October 14th. The stock was sold at an average price of $150.55, for a total value of $9,033,000.00. Following the transaction, the chief operating officer directly owned 1,012,226 shares of the company’s stock, valued at $152,390,624.30. This represents a 5.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mary Gale sold 4,000 shares of the company’s stock in a transaction on Friday, November 6th. The shares were sold at an average price of $96.00, for a total value of $384,000.00. Following the completion of the transaction, the director directly owned 11,181 shares in the company, valued at approximately $1,073,376. The trade was a 26.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 202,052 shares of company stock valued at $30,952,353 over the last three months. 28.48% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in Reddit by 212.7% in the 3rd quarter. State Street Corp now owns 9,317,592 shares of the company’s stock worth $1,327,198,000 after purchasing an additional 6,338,005 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Reddit by 21.8% in the 2nd quarter. Wellington Management Group LLP now owns 1,564,535 shares of the company’s stock valued at $271,572,000 after purchasing an additional 280,030 shares during the period. Robeco Institutional Asset Management B.V. lifted its stake in shares of Reddit by 74.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 809,063 shares of the company’s stock valued at $115,243,000 after purchasing an additional 345,735 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Reddit by 8.9% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,893 shares of the company’s stock valued at $83,647,000 after purchasing an additional 39,540 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Reddit by 218.9% during the third quarter. First Trust Advisors LP now owns 482,899 shares of the company’s stock worth $68,784,000 after buying an additional 331,454 shares in the last quarter.

Recent Reddit Headlines

Investors following RDDT have been watching these headlines:

• Positive Sentiment: Reddit’s growing ad revenue, AI-powered ad targeting and expanding advertiser base could support continued growth as it competes with Meta and Snap. Reddit Rides on Strong Ad Growth: Can It Outpace META and SNAP?
• Positive Sentiment: A Zacks style-score article identifies RDDT as a potential long-term value stock, which may appeal to investors after the share-price decline. Why Reddit Inc. (RDDT) is a Top Value Stock for the Long-Term
• Neutral Sentiment: Argus lowered its price target to $150 from $225 but kept a Buy rating. The cut signals reduced expectations, while the maintained rating indicates the firm still sees potential upside.

Reddit Company Profile

Reddit, Inc. operates Reddit, an online platform where users share posts, discuss topics and participate in communities known as subreddits. Members can submit text, images, videos and links, comment on posts, and vote on content, helping shape what appears in each community. The company generates revenue primarily through advertising and also offers paid subscriptions and other products. Reddit serves users and advertisers around the world through its website and mobile applications. Reddit was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.