JPMorgan Chase & Co. Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price target hoisted by JPMorgan Chase & Co. from $142.00 to $185.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Several other brokerages also recently commented on RDDT. Robert W. Baird raised their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday. Piper Sandler restated an “overweight” rating and set a $210.00 price objective (up from $197.00) on shares of Reddit in a report on Thursday. Jefferies Financial Group upped their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Guggenheim began coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Finally, Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Reddit Stock Performance

RDDT opened at $205.50 on Thursday. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The company has a fifty day simple moving average of $180.60 and a 200 day simple moving average of $117.29.

Reddit (NYSE:RDDT) last announced its quarterly 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 return on equity of 40.54% and a negative net margin of 47.83%. On average, analysts forecast that Reddit will post -3.45 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 245,357 shares of company stock worth $39,357,388 over the last quarter.

Hedge Funds Weigh In On Reddit

Several institutional investors and hedge funds have recently modified their holdings of the stock. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC lifted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit during the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit in the fourth quarter valued at approximately $33,000.

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.