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

Reddit (NYSE:RDDT) had its price objective raised by JMP Securities from $118.00 to $160.00 in a research report report published on Monday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other analysts have also recently issued reports about the stock. The Goldman Sachs Group increased their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Roth Mkm increased their price objective on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Loop Capital increased their price objective on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Finally, Cannonball Research began coverage on shares of Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $98.17.

Reddit Stock Down 3.2 %

Shares of RDDT stock opened at $141.95 on Monday. Reddit has a 12 month low of $37.35 and a 12 month high of $158.49. The company has a 50 day simple moving average of $93.72 and a two-hundred day simple moving average of $72.18.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, research analysts expect that Reddit will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the sale, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $91,282,605.26. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 298,520 shares of company stock worth $26,771,297 over the last 90 days.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently made changes to their positions in RDDT. FMR LLC lifted its holdings in shares of Reddit by 302.8% in the 3rd 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 last quarter. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter worth about $474,403,000. Point72 Asset Management L.P. lifted its holdings in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Holocene Advisors LP increased its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the period. Finally, Vanguard Group Inc. purchased a new position in Reddit in the 1st quarter worth about $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.