JMP Securities Forecasts Strong Price Appreciation for Reddit (NYSE:RDDT) Stock

Reddit (NYSE:RDDT - Get Free Report) had its price objective increased by equities research analysts at JMP Securities from $160.00 to $190.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. JMP Securities' target price indicates a potential upside of 5.14% from the stock's previous close.

A number of other equities analysts also recently issued reports on RDDT. Wells Fargo & Company started coverage on Reddit in a research note on Wednesday, December 11th. They issued an "overweight" rating and a $206.00 price target on the stock. Raymond James raised their target price on Reddit from $150.00 to $200.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, January 21st. Roth Capital lowered shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. B. Riley increased their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group boosted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $159.70.

Reddit Price Performance

NYSE:RDDT traded down $1.69 during mid-day trading on Monday, reaching $180.71. The company's stock had a trading volume of 4,065,594 shares, compared to its average volume of 4,783,222. The firm's fifty day moving average price is $163.38 and its two-hundred day moving average price is $104.70. Reddit has a 12-month low of $37.35 and a 12-month high of $191.00.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit's revenue was up 67.9% compared to the same quarter last year. On average, analysts expect that Reddit will post -3.48 earnings per share for the current year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares of the company's stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company's stock, valued at approximately $73,735,305.75. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 264,357 shares of company stock valued at $40,449,488.

Institutional Investors Weigh In On Reddit

Institutional investors have recently modified their holdings of the stock. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares during the last quarter. Spire Wealth Management bought a new position in Reddit in the 4th quarter valued at $35,000. Blue Trust Inc. bought a new stake in shares of Reddit during the fourth quarter worth $59,000. New Wave Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter valued at $69,000. Finally, Whittier Trust Co. bought a new position in shares of Reddit in the third quarter worth about $42,000.

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.