JMP Securities Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its target price lifted by JMP Securities from $190.00 to $200.00 in a research note published on Thursday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other analysts have also weighed in on RDDT. Loop Capital increased their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Down 5.1 %

NYSE RDDT opened at $205.50 on Thursday. Reddit has a 52 week low of $37.35 and a 52 week high of $230.41. The company has a fifty day moving average of $180.60 and a two-hundred day moving average of $117.29.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Equities analysts anticipate that Reddit will post -3.45 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock worth $39,357,388 over the last ninety days.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its position in Reddit by 446.8% during the fourth quarter. NewEdge Advisors LLC now owns 3,281 shares of the company’s stock worth $536,000 after buying an additional 2,681 shares in the last quarter. United Capital Financial Advisors LLC bought a new stake in Reddit during the 4th quarter worth about $218,000. Guggenheim Capital LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $606,000. Portolan Capital Management LLC increased its stake in shares of Reddit by 195.5% in the 4th quarter. Portolan Capital Management LLC now owns 131,622 shares of the company’s stock valued at $21,512,000 after buying an additional 87,080 shares during the period. Finally, Mariner LLC raised its holdings in Reddit by 244.3% during the 4th quarter. Mariner LLC now owns 21,650 shares of the company’s stock worth $3,538,000 after purchasing an additional 15,361 shares during the last quarter.

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.