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

Reddit (NYSE:RDDT) had its price objective hoisted by stock analysts at JMP Securities from $190.00 to $200.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price target suggests a potential downside of 3.09% from the stock’s current price.

Other equities analysts have also issued reports about the company. Loop Capital lifted their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Guggenheim assumed coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and raised their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $166.90.

Reddit Stock Performance

NYSE RDDT traded down $10.09 on Thursday, reaching $206.38. 9,357,883 shares of the stock traded hands, compared to its average volume of 5,113,731. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The firm’s fifty day simple moving average is $180.60 and its 200 day simple moving average is $117.29.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Research analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock worth $41,121,108 in the last 90 days.

Institutional Trading of Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC grew its position in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Vanguard Group Inc. grew its stake in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. increased its stake in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares in the last quarter.

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.