Reddit (NYSE:RDDT) Price Target Raised to $118.00 at JMP Securities

by · The Markets Daily

Reddit (NYSE:RDDT – Get Free Report) had its target price upped by investment analysts at JMP Securities from $84.00 to $118.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential upside of 1.62% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Roth Mkm upped their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday. The Goldman Sachs Group lifted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. B. Riley restated a “buy” rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a report on Wednesday. Finally, Cannonball Research assumed coverage on Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Get Our Latest Research Report on Reddit

Reddit Trading Up 42.1 %

Shares of NYSE RDDT traded up $34.38 during mid-day trading on Wednesday, reaching $116.12. The company had a trading volume of 32,688,176 shares, compared to its average volume of 4,640,666. Reddit has a 52-week low of $37.35 and a 52-week high of $117.63. The firm has a 50 day simple moving average of $66.61 and a two-hundred day simple moving average of $60.82.

Reddit (NYSE:RDDT – Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit will post -4.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares in the company, valued at $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares in the company, valued at approximately $53,784,256. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets acquired a new stake in Reddit during the 1st quarter worth about $37,000. Whittier Trust Co. acquired a new stake in Reddit during the third quarter valued at $42,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the 1st quarter worth approximately $63,000. SOA Wealth Advisors LLC. bought a new position in Reddit in the 2nd quarter worth $78,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter worth $79,000.

Reddit Company Profile

(Get Free Report)

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.

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