Reddit (NYSE:RDDT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Reddit (NYSE:RDDT) had its price target upped by investment analysts at JPMorgan Chase & Co. from $142.00 to $185.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 7.15% from the stock’s current price.

Several other brokerages have also recently weighed in on RDDT. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Bank of America lifted their price target on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday. The Goldman Sachs Group raised their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Jefferies Financial Group upped their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $172.95.

Reddit Trading Down 8.0 %

Shares of NYSE:RDDT traded down $17.23 during midday trading on Thursday, reaching $199.25. 12,822,131 shares of the company’s stock traded hands, compared to its average volume of 5,305,206. The company has a fifty day simple moving average of $180.60 and a two-hundred day simple moving average of $117.29. Reddit has a 1 year low of $37.35 and a 1 year high of $230.41.

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

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 259,357 shares of company stock worth $41,121,108.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the company. Plato Investment Management Ltd bought a new position in Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit in the 4th quarter valued at $28,000. Ridgewood Investments LLC lifted its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit during the fourth quarter worth about $33,000.

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.