JMP Securities Boosts Reddit (NYSE:RDDT) Price Target to $200.00

Reddit (NYSE:RDDT) had its price objective raised by JMP Securities from $190.00 to $200.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “market outperform” rating on the stock. JMP Securities’ price objective would indicate a potential upside of 1.85% from the stock’s previous close.

A number of other brokerages also recently issued reports on RDDT. Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. The Goldman Sachs Group boosted their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Morgan Stanley boosted their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Robert W. Baird raised their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.45.

Reddit Trading Down 4.2 %

Shares of RDDT opened at $196.37 on Thursday. Reddit has a 12 month low of $37.35 and a 12 month high of $230.41. The firm’s 50 day moving average is $181.65 and its 200-day moving average is $117.91. The stock has a market capitalization of $34.48 billion and a PE ratio of -25.40.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Equities research analysts predict that Reddit will post -3.45 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 245,357 shares of company stock valued at $39,357,388.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bwcp LP acquired a new stake in Reddit during the fourth quarter worth approximately $6,376,000. Mercer Global Advisors Inc. ADV acquired a new position in shares of Reddit during the fourth quarter worth approximately $226,000. Palestra Capital Management LLC purchased a new position in Reddit in the fourth quarter valued at about $59,271,000. Comerica Bank lifted its stake in Reddit by 122,300.0% in the fourth quarter. Comerica Bank now owns 3,672 shares of the company’s stock valued at $600,000 after purchasing an additional 3,669 shares during the last quarter. Finally, Voleon Capital Management LP purchased a new position in shares of Reddit during the 4th quarter valued at $12,878,000.

Reddit Company Profile

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.