Jefferies Financial Group Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price target raised by investment analysts at Jefferies Financial Group from $120.00 to $175.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target would indicate a potential upside of 29.13% from the company’s current price.

A number of other equities research analysts have also commented on the company. Loop Capital raised their price objective on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Citigroup raised their price objective on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. B. Riley restated a “buy” rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Finally, JMP Securities raised their price objective on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.17.

Reddit Trading Down 4.5 %

NYSE:RDDT opened at $135.52 on Monday. Reddit has a 1-year low of $37.35 and a 1-year high of $158.49. The stock has a fifty day simple moving average of $95.19 and a 200 day simple moving average of $72.76.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit will post -3.63 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This trade represents a 3.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 298,520 shares of company stock valued at $26,771,297.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets acquired a new stake in shares of Reddit during the 1st quarter worth approximately $37,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the 1st quarter worth approximately $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in shares of Reddit during the 1st quarter worth approximately $37,015,000. Janus Henderson Group PLC acquired a new stake in shares of Reddit during the 1st quarter worth approximately $741,000. Finally, Rokos Capital Management LLP acquired a new stake in shares of Reddit during the 1st quarter worth approximately $370,000.

Reddit Company Profile

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.