Reddit (NYSE:RDDT) Price Target Raised to $160.00 at JMP Securities

Reddit (NYSE:RDDT) had its price target upped by equities research analysts at JMP Securities from $118.00 to $160.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. JMP Securities’ price objective indicates a potential upside of 8.78% from the company’s previous close.

Other analysts have also recently issued reports about the company. The Goldman Sachs Group upped their price objective on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. B. Riley reiterated a “buy” rating and issued a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.00.

Reddit Price Performance

Shares of NYSE:RDDT traded up $0.41 during trading on Monday, hitting $147.08. The company’s stock had a trading volume of 2,025,719 shares, compared to its average volume of 4,991,193. Reddit has a 12 month low of $37.35 and a 12 month high of $158.49. The company has a 50-day moving average of $92.06 and a 200-day moving average of $71.54.

Reddit (NYSE:RDDT) last released 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. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. Equities research analysts expect that Reddit will post -3.63 EPS for the current year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 21,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the sale, the chief technology officer now directly owns 297,925 shares in the company, valued at approximately $43,500,029.25. This represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,520 shares of company stock valued at $27,251,297 over the last 90 days.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC grew its holdings in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $474,403,000. Point72 Asset Management L.P. increased its holdings in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Vanguard Group Inc. purchased a new stake in Reddit during the first quarter worth $82,167,000.

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.