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

Reddit (NYSE:RDDT) had its price target raised by investment analysts at JMP Securities from $118.00 to $160.00 in a report released on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential upside of 18.06% from the company’s current price.

RDDT has been the subject of a number of other research reports. Jefferies Financial Group upped their price objective on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Loop Capital increased their target price on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Cannonball Research initiated coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. Finally, Roth Mkm increased their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $98.17.

Reddit Stock Down 4.5 %

NYSE RDDT opened at $135.52 on Monday. Reddit has a 12 month low of $37.35 and a 12 month high of $158.49. The company has a 50-day moving average of $95.19 and a 200-day moving average of $72.76.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts forecast that Reddit will post -3.63 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the completion of the transaction, the chief technology officer now directly owns 297,925 shares in the company, valued at approximately $43,500,029.25. This represents a 6.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value 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. This trade represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 298,520 shares of company stock worth $26,771,297 in the last 90 days.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently made changes to their positions in the business. Whittier Trust Co. acquired a new stake in shares of Reddit during the 3rd quarter valued at approximately $42,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit during the 1st quarter valued at approximately $37,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit during the 2nd quarter valued at approximately $78,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit during the 3rd quarter valued at approximately $85,000. Finally, UMB Bank n.a. acquired a new stake in shares of Reddit during the 2nd quarter valued at approximately $88,000.

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.