JMP Securities Boosts Reddit (NYSE:RDDT) Price Target to $63.00

Reddit (NYSE:RDDT) had its target price hoisted by stock analysts at JMP Securities from $53.00 to $63.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock.

A number of other research analysts have also weighed in on RDDT. Roth Mkm raised their target price on shares of Reddit from $50.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a “buy” rating and a $50.00 target price for the company. Raymond James began coverage on shares of Reddit in a report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price for the company. Bank of America began coverage on shares of Reddit in a report on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 target price for the company. Finally, JPMorgan Chase & Co. began coverage on shares of Reddit in a report on Monday, April 15th. They issued a “neutral” rating and a $47.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of 54.87.

Reddit Price Performance

Shares of RDDT opened at 50.11 on Wednesday. Reddit has a 1 year low of 37.35 and a 1 year high of 74.90.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The business had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same period in the prior year, the business posted ($1.05) earnings per share. Reddit’s quarterly revenue was up 48.4% on a year-over-year basis. Sell-side analysts expect that Reddit will post -7.09 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the sale, the chief accounting officer now directly owns 96,413 shares in the company, valued at 3,114,139.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global Retirement Partners LLC purchased a new stake in shares of Reddit during the first quarter worth about $27,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth about $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit during the first quarter worth about $63,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the first quarter worth about $265,000. Finally, Congress Park Capital LLC purchased a new stake in shares of Reddit during the first quarter worth about $279,000.

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.