JMP Securities Boosts Reddit (NYSE:RDDT) Price Target to $190.00

Reddit (NYSE:RDDT) had its price target hoisted by JMP Securities from $160.00 to $190.00 in a research note issued to investors on Monday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

A number of other research firms have also recently issued reports on RDDT. Citigroup increased their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Piper Sandler upped their target price on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Needham & Company LLC lifted their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, The Goldman Sachs Group increased their price objective on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $159.70.

Reddit Price Performance

Shares of RDDT stock opened at $201.68 on Monday. Reddit has a 12-month low of $37.35 and a 12-month high of $205.57. The firm has a fifty day moving average of $165.55 and a 200-day moving average of $106.33.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. Equities analysts predict that Reddit will post -3.48 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares of the company’s stock, valued at $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction 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. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 264,357 shares of company stock worth $40,449,488 in the last ninety days.

Institutional Trading of Reddit

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC lifted its position in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new stake in Reddit during the 3rd quarter worth approximately $474,403,000. Jennison Associates LLC bought a new stake in Reddit in the 4th quarter valued at $494,861,000. Point72 Asset Management L.P. grew its holdings in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Finally, Holocene Advisors LP increased its position in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the period.

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.