Reddit (NYSE:RDDT) Stock Price Expected to Rise, JMP Securities Analyst Says

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

A number of other analysts have also weighed in on the company. Loop Capital upped their price objective on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Raymond James boosted their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. The Goldman Sachs Group increased their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. B. Riley reiterated a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Bank of America upped their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $98.17.

Reddit Stock Performance

Shares of Reddit stock opened at $140.04 on Monday. The business has a 50-day moving average of $98.23 and a 200 day moving average of $73.70. Reddit has a 12 month low of $37.35 and a 12 month high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Research analysts predict that Reddit will post -3.63 EPS for the current year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated 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 sale, 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 14.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,644 shares of company stock valued at $29,210,730.

Hedge Funds Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new position in Reddit in the 1st quarter valued at $37,000. Whittier Trust Co. purchased a new stake in shares of Reddit in the third quarter valued at about $42,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the second quarter worth about $78,000. Daiwa Securities Group Inc. purchased a new position in Reddit during the third quarter worth about $85,000. Finally, UMB Bank n.a. acquired a new stake in Reddit in the second quarter valued at about $88,000.

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.