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

Reddit (NYSE:RDDT) had its price objective hoisted by equities researchers at JMP Securities from $84.00 to $118.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price objective would suggest a potential downside of 0.97% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Bank of America lifted their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday. Roth Mkm lifted their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday. Jefferies Financial Group lifted their price target on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price target (up previously from $70.00) on shares of Reddit in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $89.72.

Reddit Trading Up 2.7 %

Shares of RDDT stock opened at $119.15 on Wednesday. The company has a 50 day moving average price of $69.05 and a 200-day moving average price of $61.61. Reddit has a 52 week low of $37.35 and a 52 week high of $123.60.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for 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. As a group, sell-side analysts anticipate that Reddit will post -4.05 EPS for the current year.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the transaction, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 390,327 shares of company stock worth $23,503,224 in the last quarter.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently added to or reduced their stakes in the business. StoneCrest Wealth Management Inc. lifted its stake in Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares during the last quarter. Whittier Trust Co. purchased a new stake in Reddit in the third quarter valued at approximately $42,000. BNP Paribas Financial Markets purchased a new stake in Reddit in the first quarter valued at approximately $37,000. Vestor Capital LLC lifted its stake in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after buying an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in Reddit in the second quarter valued at approximately $78,000.

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.