Jefferies Financial Group Begins Coverage on Reddit (NYSE:RDDT)

Jefferies Financial Group initiated coverage on shares of Reddit (NYSE:RDDT) in a research report released on Wednesday, MarketBeat reports. The firm issued a buy rating and a $90.00 price target on the stock.

Other equities research analysts also recently issued research reports about the company. JMP Securities restated a market outperform rating and set a $84.00 price target on shares of Reddit in a research report on Tuesday, July 30th. JPMorgan Chase & Co. increased their target price on shares of Reddit from $59.00 to $77.00 and gave the company a neutral rating in a report on Monday, October 7th. Piper Sandler boosted their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an overweight rating in a research note on Wednesday, August 7th. Morgan Stanley raised their price objective on Reddit from $63.00 to $70.00 and gave the company an equal weight rating in a research note on Tuesday, July 23rd. Finally, Bank of America boosted their target price on Reddit from $57.00 to $60.00 and gave the company a neutral rating in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Reddit presently has an average rating of Moderate Buy and an average target price of $69.56.

Reddit Stock Up 4.7 %

Reddit stock opened at $73.19 on Wednesday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $78.08. The firm’s fifty day moving average price is $60.86 and its 200-day moving average price is $58.17.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same period in the prior year, the business earned ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. On average, sell-side analysts expect that Reddit will post -4.11 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the sale, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $43,147,505. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 337,993 shares of company stock valued at $19,517,419.

Institutional Trading of Reddit

Several institutional investors have recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new position in shares of Reddit in the first quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd purchased a new position in shares of Reddit in the first quarter worth $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the second quarter valued at $78,000. Sandia Investment Management LP purchased a new stake in shares of Reddit during the first quarter valued at $79,000. Finally, UMB Bank n.a. bought a new stake in Reddit in the 2nd quarter worth about $88,000.

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.