Roth Mkm Downgrades Reddit (NYSE:RDDT) to Neutral

Reddit (NYSE:RDDT) was downgraded by equities researchers at Roth Mkm from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday,Briefing.com Automated Import reports. They currently have a $195.00 target price on the stock, up from their previous target price of $116.00. Roth Mkm’s price target indicates a potential upside of 3.31% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Raymond James upped their target price on Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a research report on Tuesday. Wells Fargo & Company started coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Robert W. Baird upped their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Finally, Bank of America lifted their price target on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Stock Performance

NYSE:RDDT opened at $188.74 on Wednesday. Reddit has a 12 month low of $37.35 and a 12 month high of $191.00. The firm has a fifty day simple moving average of $160.20 and a two-hundred day simple moving average of $102.35.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Equities research analysts anticipate that Reddit will post -3.48 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. 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 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock valued at $39,528,738 over the last ninety days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Arkfeld Wealth Strategies L.L.C. bought a new position in Reddit in the 4th quarter worth about $373,000. Conway Capital Management Inc. purchased a new stake in shares of Reddit in the fourth quarter worth about $335,000. Janney Montgomery Scott LLC boosted its position in shares of Reddit by 31.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company’s stock valued at $1,436,000 after acquiring an additional 2,096 shares during the period. West Branch Capital LLC purchased a new position in Reddit during the fourth quarter valued at approximately $245,000. Finally, Harbor Investment Advisory LLC bought a new stake in Reddit during the 4th quarter worth approximately $147,000.

About Reddit

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.