JMP Securities Raises Reddit (NYSE:RDDT) Price Target to $160.00

Reddit (NYSE:RDDT) had its price target increased by investment analysts at JMP Securities from $118.00 to $160.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price points to a potential upside of 8.78% from the stock’s current price.

A number of other analysts also recently issued reports on the company. B. Riley reissued a “buy” rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Roth Mkm boosted their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group increased their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Raymond James lifted their price objective on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $94.00.

Reddit Trading Up 0.3 %

Shares of RDDT stock traded up $0.41 during trading hours on Monday, hitting $147.08. 2,025,719 shares of the company’s stock were exchanged, compared to its average volume of 4,991,193. The firm has a 50 day moving average of $92.06 and a two-hundred day moving average of $71.54. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $158.49.

Reddit (NYSE:RDDT) last released its quarterly 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. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts expect that Reddit will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. This trade represents a 1.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 306,520 shares of company stock worth $27,251,297 in the last 90 days.

Hedge Funds Weigh In On Reddit

Large investors have recently modified their holdings of the business. BNP Paribas Financial Markets purchased a new stake in Reddit during the first quarter worth about $37,000. Vanguard Group Inc. purchased a new stake in shares of Reddit in the first quarter valued at $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in Reddit in the 1st quarter valued at about $37,015,000. Janus Henderson Group PLC purchased a new stake in Reddit in the 1st quarter valued at about $741,000. Finally, Rokos Capital Management LLP acquired a new position in shares of Reddit during the 1st quarter valued at about $370,000.

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.