JMP Securities Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT) had its price objective lifted by equities research analysts at JMP Securities from $118.00 to $160.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ target price would indicate a potential upside of 18.06% from the company’s current price.

RDDT has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Roth Mkm lifted their target price on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Cannonball Research assumed coverage on shares of Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. Citigroup lifted their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $98.17.

Reddit Price Performance

RDDT stock opened at $135.52 on Monday. Reddit has a twelve month low of $37.35 and a twelve month high of $158.49. The company’s 50 day moving average is $95.19 and its two-hundred day moving average is $72.76.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping 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 company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. On average, equities research analysts expect that Reddit will post -3.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $91,282,605.26. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the completion of the sale, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. This represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 298,520 shares of company stock worth $26,771,297.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC boosted its position 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 buying an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new position in Reddit in the 3rd quarter valued at about $474,403,000. Holocene Advisors LP raised 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 valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. raised its stake in 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 valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Vanguard Group Inc. acquired a new position in Reddit in the 1st quarter valued at 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.