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 issued on Monday,Benzinga reports. They currently have a market outperform rating on the stock.

A number of other equities analysts have also recently issued reports on the stock. Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. Citigroup boosted their price target on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein boosted their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Roth Mkm boosted their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Finally, Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. 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 issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

Reddit Stock Performance

RDDT stock opened at $141.95 on Monday. The firm’s 50-day moving average price is $93.72 and its two-hundred day moving average price is $72.18. Reddit has a 12-month low of $37.35 and a 12-month 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 (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. Equities research analysts anticipate that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. This represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $91,282,605.26. This represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 298,520 shares of company stock worth $26,771,297.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets bought a new position in Reddit during the first quarter valued at approximately $37,000. Whittier Trust Co. bought a new position in Reddit during the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the second quarter valued at approximately $78,000. Daiwa Securities Group Inc. bought a new position in Reddit during the third quarter valued at approximately $85,000. Finally, UMB Bank n.a. bought a new position in Reddit during the second quarter valued at approximately $88,000.

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.