Jefferies Financial Group Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target raised by Jefferies Financial Group from $120.00 to $175.00 in a research note published on Monday,Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on RDDT. Needham & Company LLC lifted their price target on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, The Goldman Sachs Group raised their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $98.17.

Reddit Stock Performance

Shares of NYSE RDDT opened at $141.95 on Monday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $158.49. The business has a 50-day moving average of $93.72 and a 200-day moving average of $72.18.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping 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 business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit will post -3.63 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction 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 sale, the insider now owns 138,401 shares of the company’s stock, valued at $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 298,520 shares of company stock worth $26,771,297.

Institutional Investors Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth $37,000. Vanguard Group Inc. acquired a new position in shares of Reddit during the first quarter worth $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Reddit during the first quarter worth $37,015,000. Janus Henderson Group PLC acquired a new position in shares of Reddit during the first quarter worth $741,000. Finally, Rokos Capital Management LLP acquired a new position in shares of Reddit during the first quarter worth $370,000.

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.