Reddit (NYSE:RDDT) Given New $118.00 Price Target at JMP Securities

Reddit (NYSE:RDDT) had its price target increased by stock analysts at JMP Securities from $84.00 to $118.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ target price indicates a potential upside of 1.62% from the company’s previous close.

A number of other equities research analysts have also commented on RDDT. B. Riley reaffirmed a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a research report on Wednesday. Morgan Stanley increased their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Roth Mkm boosted their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday. Jefferies Financial Group increased their price objective on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. One equities research 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 MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of $89.72.

Reddit Price Performance

RDDT stock traded up $34.38 during midday trading on Wednesday, reaching $116.12. The stock had a trading volume of 32,688,176 shares, compared to its average volume of 4,640,666. The business has a fifty day simple moving average of $66.61 and a two-hundred day simple moving average of $60.82. Reddit has a twelve month low of $37.35 and a twelve month high of $117.63.

Reddit (NYSE:RDDT) last released 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. Research analysts expect that Reddit will post -4.05 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $117,643,195.39. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 over the last ninety days.

Hedge Funds Weigh In On Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in RDDT. Commonwealth Equity Services LLC bought a new position in shares of Reddit during the 1st quarter worth $1,111,000. BNP Paribas Financial Markets bought a new position in Reddit during the first quarter worth about $37,000. SG Americas Securities LLC purchased a new position in shares of Reddit in the first quarter worth about $265,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the first quarter valued at approximately $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the 1st quarter valued at approximately $82,167,000.

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.