Reddit (NYSE:RDDT – Get Free Report) had its price objective boosted by investment analysts at JMP Securities from $70.00 to $84.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock.
Other research analysts have also recently issued reports about the stock. Roth Mkm upped their price objective on shares of Reddit from $50.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on Reddit from $57.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday. Morgan Stanley began coverage on Reddit in a research note on Monday, April 15th. They issued an “equal weight” rating and a $45.00 target price for the company. The Goldman Sachs Group upped their target price on Reddit from $40.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Finally, Robert W. Baird upped their target price on Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of 61.07.
Check Out Our Latest Report on RDDT
Reddit Stock Down 6.3 %
Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to analysts’ expectations of 213.99 million. During the same quarter in the previous year, the company posted ($1.05) EPS. The firm’s revenue for the quarter was up 48.4% on a year-over-year basis. Analysts expect that Reddit will post -4.71 earnings per share for the current fiscal year.
Insider Activity
In related news, CFO Andrew Vollero sold 50,580 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the sale, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Reddit news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the transaction, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 390,064.92. Following the completion of the transaction, the chief accounting officer now directly owns 89,795 shares in the company, valued at 5,292,517.30. The disclosure for this sale can be found here. Insiders sold 192,689 shares of company stock worth $11,357,090 over the last three months.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC purchased a new position in shares of Reddit during the 1st quarter valued at about $1,111,000. Global Retirement Partners LLC bought a new stake in Reddit during the 1st quarter valued at approximately $27,000. Congress Park Capital LLC bought a new stake in Reddit during the 1st quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. bought a new stake in Reddit during the 1st quarter valued at approximately $2,057,000. Finally, Seven Grand Managers LLC bought a new stake in Reddit during the 1st quarter valued at approximately $986,000.
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.
Featured Stories
- Five stocks we like better than Reddit
- What is the FTSE 100 index?
- Crypto Stocks Back on the Radar: Top Picks to Watch
- Natural Gas Prices Continue To Rally, These Stocks Should Benefit
- Investment Company’s Earnings Hint at Rate Cuts: Stock Forecast
- Stock Market Holidays 2022-2025 – Here’s When the NYSE and NASDAQ Will be Closed
- Is This Industrial Stock a Buy After Recent Earnings Boost?
Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.