Reddit (NYSE:RDDT) Given New $160.00 Price Target at JMP Securities

Reddit (NYSE:RDDT) had its price objective upped by JMP Securities from $118.00 to $160.00 in a report published on Monday morning,Benzinga reports. They currently have a market outperform rating on the stock.

RDDT has been the topic of a number of other reports. JPMorgan Chase & Co. raised their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. B. Riley reaffirmed a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Roth Mkm boosted their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Citigroup increased their price objective on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock 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 $140.04 on Monday. The business has a 50-day moving average price of $96.72 and a 200-day moving average price of $73.23. Reddit has a 52-week low of $37.35 and a 52-week high of $158.49.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates 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 revenue was up 67.9% compared to the same quarter last year. Analysts forecast that Reddit will post -3.63 EPS for the current year.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. The trade was a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 840,379 shares in the company, valued at approximately $53,784,256. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 318,358 shares of company stock worth $29,612,496.

Institutional Trading of Reddit

Hedge funds have recently modified their holdings of the stock. StoneCrest Wealth Management Inc. increased its stake in shares of Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the period. Whittier Trust Co. acquired a new position in Reddit during the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. increased its position in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the 1st quarter valued at $37,000. Finally, MML Investors Services LLC lifted its position in shares of Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after purchasing an additional 757 shares during the last quarter.

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.