JPMorgan Chase & Co. Boosts Reddit (NYSE:RDDT) Price Target to $185.00

Reddit (NYSE:RDDT) had its target price lifted by stock analysts at JPMorgan Chase & Co. from $142.00 to $185.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 5.79% from the company’s current price.

Other research analysts have also issued reports about the stock. JMP Securities lifted their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their target price on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday. Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Raymond James raised their price objective on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research report on Monday, February 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Price Performance

NYSE:RDDT opened at $196.37 on Thursday. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41. The business has a fifty day simple moving average of $181.65 and a two-hundred day simple moving average of $117.91. The company has a market capitalization of $34.48 billion and a P/E ratio of -25.40.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, analysts anticipate that Reddit will post -3.45 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares of the company’s stock, valued at $20,214,850.06. The trade was a 11.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $128.13, for a total value of $4,270,957.29. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock valued at $39,357,388 over the last quarter.

Institutional Investors Weigh In On Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter valued at about $28,000. Ridgewood Investments LLC raised its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in Reddit in the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $33,000.

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.