Reddit (NYSE:RDDT) Price Target Raised to $190.00 at JMP Securities

Reddit (NYSE:RDDT) had its price target increased by JMP Securities from $160.00 to $190.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Other equities analysts have also issued reports about the stock. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Bank of America boosted their target price on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a report on Wednesday, January 8th. Guggenheim initiated coverage on shares of Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective on the stock. Finally, Piper Sandler upped their price objective on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

Reddit Stock Down 0.9 %

Shares of NYSE RDDT opened at $180.71 on Monday. Reddit has a 12-month low of $37.35 and a 12-month high of $191.00. The company has a 50-day moving average of $163.38 and a 200 day moving average of $104.70.

Reddit (NYSE:RDDT) last announced its quarterly earnings data 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. 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 during the quarter, compared to analysts’ expectations of $313.61 million. The company’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, research analysts forecast that Reddit will post -3.48 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 264,357 shares of company stock valued at $40,449,488.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Spire Wealth Management acquired a new stake in shares of Reddit in the 4th quarter valued at about $35,000. Blue Trust Inc. acquired a new stake in shares of Reddit in the 4th quarter valued at about $59,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter valued at about $69,000. Finally, Whittier Trust Co. acquired a new stake in shares of Reddit in the 3rd quarter valued at about $42,000.

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.