Reddit (NYSE:RDDT) Price Target Raised to $225.00

Reddit (NYSE:RDDT) had its price target hoisted by JMP Securities from $180.00 to $225.00 in a report issued on Friday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other analysts also recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Citigroup increased their target price on shares of Reddit from $158.00 to $163.00 and gave the stock a “buy” rating in a research note on Tuesday, June 24th. Sanford C. Bernstein raised their price target on shares of Reddit from $130.00 to $150.00 and gave the stock a “market perform” rating in a report on Tuesday, July 22nd. Needham & Company LLC lifted their price target on shares of Reddit from $165.00 to $215.00 and gave the company a “buy” rating in a research note on Friday. Finally, Bank of America increased their price objective on shares of Reddit from $130.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $164.21.

Reddit Stock Performance

Shares of NYSE RDDT opened at $188.60 on Friday. The firm has a 50 day moving average price of $136.97 and a two-hundred day moving average price of $138.20. The stock has a market cap of $34.80 billion, a P/E ratio of 171.45, a price-to-earnings-growth ratio of 4.76 and a beta of 2.30. Reddit has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 10.26% and a net margin of 12.97%. The company had revenue of $499.63 million during the quarter, compared to analysts’ expectations of $424.07 million. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. The business’s quarterly revenue was up 77.9% on a year-over-year basis. Analysts predict that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the company’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total value of $2,329,280.00. Following the transaction, the chief technology officer owned 241,373 shares of the company’s stock, valued at approximately $35,139,081.34. This represents a 6.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total value of $527,240.00. Following the completion of the transaction, the chief accounting officer owned 37,868 shares in the company, valued at $5,704,435.52. This represents a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 506,809 shares of company stock valued at $61,884,325. Company insiders own 34.25% of the company’s stock.

Institutional Investors Weigh In On Reddit

A number of large investors have recently added to or reduced their stakes in RDDT. Financial Perspectives Inc bought a new stake in Reddit in the second quarter worth $34,000. CWM LLC increased its holdings in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Reddit in the 4th quarter valued at about $49,000. Chelsea Counsel Co. bought a new stake in shares of Reddit in the 4th quarter valued at about $49,000. Finally, Stone House Investment Management LLC purchased a new stake in Reddit during the 1st quarter valued at about $31,000.

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.