Reddit (NYSE:RDDT) Price Target Raised to $160.00

Reddit (NYSE:RDDT) had its price target lifted by JMP Securities from $118.00 to $160.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC boosted their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Citigroup raised 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. Sanford C. Bernstein upped their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Roth Mkm increased their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.17.

Reddit Trading Up 3.3 %

Shares of NYSE RDDT opened at $140.04 on Monday. Reddit has a 52 week low of $37.35 and a 52 week high of $158.49. The firm has a 50-day moving average price of $98.23 and a 200 day moving average price of $73.70.

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

Insider Activity

In other Reddit news, 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 transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 311,644 shares of company stock valued at $29,210,730 in the last 90 days.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in Reddit during the 1st quarter worth $37,000. Vanguard Group Inc. purchased a new stake in shares of Reddit during the 1st quarter valued at about $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in Reddit during the 1st quarter worth approximately $37,015,000. Janus Henderson Group PLC acquired a new position in Reddit during the 1st quarter worth approximately $741,000. Finally, Rokos Capital Management LLP purchased a new position in Reddit in the 1st quarter worth approximately $370,000.

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.