Reddit (NYSE:RDDT) Stock Price Expected to Rise, JMP Securities Analyst Says

Reddit (NYSE:RDDT) had its target price upped by JMP Securities from $84.00 to $118.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

RDDT has been the subject of a number of other research reports. Raymond James boosted their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein increased their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday. Needham & Company LLC increased their price objective on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. Bank of America increased their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, B. Riley reissued a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.72.

Reddit Stock Down 5.3 %

RDDT opened at $112.99 on Wednesday. The stock’s 50 day moving average price is $70.13 and its 200-day moving average price is $62.12. Reddit has a one year low of $37.35 and a one year high of $123.60.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. Equities analysts forecast that Reddit will post -4.05 earnings per share for the current year.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock valued at $23,503,224 in the last quarter.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of RDDT. Commonwealth Equity Services LLC acquired a new stake in Reddit in the 1st quarter worth about $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the 1st quarter valued at approximately $37,000. SG Americas Securities LLC purchased a new stake in Reddit in the first quarter valued at approximately $265,000. ANTIPODES PARTNERS Ltd purchased a new stake in Reddit in the first quarter valued at approximately $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter worth $82,167,000.

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.