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

Reddit (NYSE:RDDT) had its price objective lifted by equities researchers at JMP Securities from $84.00 to $118.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ target price would suggest a potential downside of 0.97% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday. Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday. Roth Mkm increased their price target on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday. Loop Capital increased their price objective on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group increased their price objective on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Trading Up 2.7 %

Shares of NYSE RDDT opened at $119.15 on Wednesday. Reddit has a twelve month low of $37.35 and a twelve month high of $123.60. The stock has a 50 day moving average of $69.05 and a two-hundred day moving average of $61.61.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. On average, equities research analysts forecast that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Steve Ladd Huffman sold 6,714 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on 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 in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 over the last 90 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in Reddit in the first quarter valued at about $7,363,000. Commonwealth Equity Services LLC bought a new stake in shares of Reddit during the 1st quarter worth about $1,111,000. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit during the 3rd quarter worth about $474,403,000. Claro Advisors LLC bought a new stake in shares of Reddit during the 3rd quarter worth about $2,557,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter worth about $37,000.

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.