Reddit (NYSE:RDDT) Stock Price Target Cut by Argus

Reddit (NYSE:RDDT) had its target price lowered by research analysts at Argus from $225.00 to $150.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Argus‘s target price indicates a potential upside of 42.12% from the stock’s current price.

Several other analysts have also recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Reddit from $215.00 to $140.00 in a research note on Friday, October 30th. Wells Fargo & Company reduced their price target on shares of Reddit from $142.00 to $110.00 and set an “equal weight” rating for the company in a research report on Friday, October 30th. Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 27th. UBS Group reiterated a “buy” rating on shares of Reddit in a research report on Friday, October 30th. Finally, Guggenheim lowered their price objective on Reddit from $170.00 to $140.00 and set a “buy” rating on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and fifteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.45.

Reddit Trading Up 7.0%

Shares of Reddit stock opened at $105.55 on Thursday. Reddit has a 12-month low of $89.28 and a 12-month high of $263.50. The company has a market cap of $20.38 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 0.40 and a beta of 2.28. The company’s 50-day moving average price is $141.58 and its 200-day moving average price is $154.97.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, October 29th. The company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.33 by $0.07. The company had revenue of $894.96 million during the quarter, compared to analyst estimates of $874.91 million. Reddit had a net margin of 32.10% and a return on equity of 30.57%. Reddit’s revenue was up 53.0% compared to the same quarter last year. During the same period last year, the business earned $0.80 earnings per share. On average, sell-side analysts predict that Reddit will post 5.42 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, Director Robert A. Sauerberg sold 5,128 shares of Reddit stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the sale, the director directly owned 27,087 shares in the company, valued at $4,331,753.04. The trade was a 15.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $66,598,702.24. This represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 295,052 shares of company stock valued at $47,550,483 in the last ninety days. 28.48% of the stock is currently owned by company insiders.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently made changes to their positions in the stock. State Street Corp lifted its holdings in shares of Reddit by 212.7% during the 3rd quarter. State Street Corp now owns 9,317,592 shares of the company’s stock worth $1,327,198,000 after acquiring an additional 6,338,005 shares during the last quarter. Senvest Management LLC bought a new position in Reddit in the first quarter valued at $48,392,000. Robeco Institutional Asset Management B.V. raised its position in Reddit by 74.6% during the third 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 in the last quarter. Wellington Management Group LLP raised its position in Reddit by 21.8% during the second 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 in the last quarter. Finally, Styrax Capital LP bought a new stake in Reddit during the second quarter worth about $43,395,000.

About Reddit

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.