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

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

Several other equities research analysts also recently weighed in on RDDT. JPMorgan Chase & Co. increased their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. B. Riley reaffirmed a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a report on Wednesday. Jefferies Financial Group boosted their price target on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Citigroup raised their price objective on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, The Goldman Sachs Group lifted their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Stock Down 5.3 %

Reddit stock opened at $112.98 on Wednesday. Reddit has a 52 week low of $37.35 and a 52 week high of $123.60. The stock has a 50-day moving average price of $70.13 and a 200 day moving average price of $62.27.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate 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. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit will post -4.05 EPS for the current year.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 390,327 shares of company stock worth $23,503,224 over the last quarter.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at about $37,000. Whittier Trust Co. acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $42,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit during the 1st quarter valued at approximately $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the second quarter valued at approximately $78,000. Finally, Sandia Investment Management LP purchased a new position in Reddit in the first quarter worth approximately $79,000.

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.