Reddit, Inc. (NYSE:RDDT – Get Free Report) traded up 7.1% during mid-day trading on Tuesday after JMP Securities raised their price target on the stock from $160.00 to $190.00. JMP Securities currently has a market outperform rating on the stock. Reddit traded as high as $190.08 and last traded at $193.72. 983,319 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 4,569,829 shares. The stock had previously closed at $180.83.
A number of other analysts have also recently issued reports on RDDT. Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Bank of America raised their price target on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $159.70.
Check Out Our Latest Report on RDDT
Insider Activity at Reddit
Institutional Investors Weigh In On Reddit
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp acquired a new stake in Reddit during the 4th quarter worth approximately $446,000. TFB Advisors LLC bought a new position in shares of Reddit in the 4th quarter worth about $410,000. Summit Trail Advisors LLC acquired a new position in Reddit in the fourth quarter valued at approximately $225,000. Focus Financial Network Inc. bought a new position in Reddit during the fourth quarter worth $5,131,000. Finally, Silicon Valley Capital Partners acquired a new stake in shares of Reddit in the 4th quarter valued at about $183,000.
Reddit Trading Up 3.6 %
The company has a fifty day moving average price of $165.55 and a 200 day moving average price of $106.33.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data 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 business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit, Inc. will post -3.48 EPS for the current year.
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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