JMP Securities Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its target price upped by JMP Securities from $160.00 to $190.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other research firms also recently commented on RDDT. JPMorgan Chase & Co. upped their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Robert W. Baird increased their target price on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Finally, Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Down 0.9 %

RDDT opened at $180.71 on Monday. The business has a 50 day moving average price of $163.38 and a two-hundred day moving average price of $104.70. Reddit has a 52 week low of $37.35 and a 52 week high of $191.00.

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. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, equities analysts expect that Reddit will post -3.48 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 264,357 shares of company stock worth $40,449,488.

Institutional Investors Weigh In On Reddit

Hedge funds have recently made changes to their positions in the business. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Spire Wealth Management acquired a new stake in shares of Reddit during the fourth quarter worth $35,000. Whittier Trust Co. acquired a new stake in shares of Reddit during the third quarter worth $42,000. Blue Trust Inc. acquired a new stake in shares of Reddit during the fourth quarter worth $59,000. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth $69,000.

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.