JMP Securities Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price objective boosted by investment analysts at JMP Securities from $190.00 to $200.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 1.85% from the company’s current price.

RDDT has been the subject of several other research reports. Loop Capital upped their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Raymond James raised their price objective on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research note on Monday, February 10th. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Stock Down 4.2 %

NYSE:RDDT opened at $196.37 on Thursday. Reddit has a 12-month low of $37.35 and a 12-month high of $230.41. The stock’s fifty day simple moving average is $181.65 and its 200-day simple moving average is $117.91. The firm has a market capitalization of $34.48 billion and a P/E ratio of -25.40.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities research analysts expect that Reddit will post -3.45 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock worth $39,357,388 over the last ninety days.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently added to or reduced their stakes in the business. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC grew its stake in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC raised its holdings in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares during the period. UMB Bank n.a. lifted its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after acquiring an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC boosted its holdings in shares of Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares during the period.

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.