Reddit’s (RDDT) “Market Outperform” Rating Reaffirmed at JMP Securities

Reddit (NYSE:RDDT)‘s stock had its “market outperform” rating reiterated by equities research analysts at JMP Securities in a note issued to investors on Tuesday, Benzinga reports. They presently have a $84.00 target price on the stock.

Other analysts have also issued reports about the company. Robert W. Baird lifted their price target on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Citigroup boosted their target price on Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Bank of America began coverage on Reddit in a research note on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price for the company. Finally, Sanford C. Bernstein boosted their price target on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of 63.47.

Reddit Stock Performance

Shares of NYSE:RDDT traded down 1.05 during trading on Tuesday, reaching 58.93. 1,342,886 shares of the company traded hands, compared to its average volume of 4,460,964. The business’s 50 day moving average price is 63.12. Reddit has a 52 week low of 37.35 and a 52 week high of 78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. The firm’s revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.05) EPS. Research analysts predict that Reddit will post -4.62 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the transaction, the chief executive officer now directly owns 689,157 shares of the company’s stock, valued at approximately 40,618,913.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Reddit news, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,493,103.06. Following the completion of the sale, the chief executive officer now owns 689,157 shares in the company, valued at approximately 40,618,913.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 390,064.92. Following the completion of the sale, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at approximately 5,292,517.30. The disclosure for this sale can be found here. Insiders have sold 192,689 shares of company stock worth $11,357,090 in the last 90 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RDDT. Inclusive Capital Partners L.P. bought a new position in shares of Reddit in the 1st quarter valued at about $103,051,000. Vanguard Group Inc. bought a new stake in Reddit in the first quarter worth about $82,167,000. Price T Rowe Associates Inc. MD bought a new stake in Reddit in the first quarter worth about $37,015,000. Blackstone Inc. bought a new stake in Reddit in the first quarter worth about $36,990,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Reddit in the second quarter worth about $19,876,000.

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.