Reddit (NYSE:RDDT – Get Free Report) had its target price increased by JMP Securities from $160.00 to $190.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price target would suggest a potential downside of 2.09% from the company’s current price.
Several other brokerages also recently issued reports on RDDT. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Piper Sandler increased their price objective on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 14th. Sanford C. Bernstein boosted their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Finally, Robert W. Baird raised their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $159.70.
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Reddit Trading Up 7.3 %
Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts anticipate that Reddit will post -3.48 earnings per share for the current year.
Insider Activity
In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $73,735,305.75. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 264,357 shares of company stock worth $40,449,488.
Institutional Investors Weigh In On Reddit
Several hedge funds have recently added to or reduced their stakes in the business. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. UMB Bank n.a. raised its position in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Foundations Investment Advisors LLC lifted its holdings in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after buying an additional 155 shares during the period. Kingsview Wealth Management LLC grew its position in shares of Reddit by 4.5% in the 4th quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company’s stock valued at $651,000 after buying an additional 171 shares during the last quarter. Finally, StoneCrest Wealth Management Inc. increased its stake in shares of Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares during the period.
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.
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