JPMorgan Chase & Co. Increases Reddit (NYSE:RDDT) Price Target to $77.00

Reddit (NYSE:RDDT) had its price target raised by JPMorgan Chase & Co. from $59.00 to $77.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities research analysts have also issued reports about the company. Loop Capital upgraded Reddit from a hold rating to a buy rating and set a $75.00 price target for the company in a report on Thursday, August 1st. Morgan Stanley lifted their target price on shares of Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Sanford C. Bernstein boosted their target price on shares of Reddit from $45.00 to $50.00 and gave the stock an underperform rating in a research report on Monday, July 22nd. Cannonball Research assumed coverage on shares of Reddit in a report on Tuesday, August 6th. They set a buy rating and a $67.00 price target on the stock. Finally, Roth Mkm decreased their price objective on shares of Reddit from $67.00 to $66.00 and set a buy rating for the company in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit presently has a consensus rating of Moderate Buy and a consensus price target of $69.56.

Reddit Stock Down 1.5 %

Shares of RDDT opened at $69.90 on Monday. Reddit has a 52 week low of $37.35 and a 52 week high of $78.08. The company’s 50 day moving average price is $60.55 and its 200 day moving average price is $58.07.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. The company’s revenue was up 53.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. As a group, equities research analysts anticipate that Reddit will post -4.11 earnings per share for the current year.

Insider Activity at Reddit

In other news, Director Mary Porter Gale sold 15,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the sale, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at $3,842,748. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the transaction, the director now owns 101,459 shares in the company, valued at $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 337,993 shares of company stock worth $19,517,419 in the last 90 days.

Institutional Trading of Reddit

A number of hedge funds have recently modified their holdings of RDDT. DekaBank Deutsche Girozentrale bought a new position in shares of Reddit during the 1st quarter worth about $7,363,000. Commonwealth Equity Services LLC bought a new position in Reddit during the first quarter worth about $1,111,000. BNP Paribas Financial Markets acquired a new stake in Reddit during the first quarter valued at approximately $37,000. Vanguard Group Inc. bought a new stake in shares of Reddit in the 1st quarter valued at approximately $82,167,000. Finally, Maverick Capital Ltd. raised its holdings in shares of Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after buying an additional 442,145 shares in the last quarter.

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.