Reddit (NYSE:RDDT - Get Free Report) had its price objective lifted by research analysts at JMP Securities from $180.00 to $225.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' price target would suggest a potential upside of 19.72% from the stock's current price.
Other equities analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Robert W. Baird raised their target price on shares of Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. The Goldman Sachs Group restated a "neutral" rating and set a $212.00 target price on shares of Reddit in a research report on Friday. Raymond James Financial restated a "strong-buy" rating on shares of Reddit in a research report on Friday. Finally, JPMorgan Chase & Co. lowered their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average price target of $156.71.
View Our Latest Research Report on Reddit
Reddit Stock Up 17.0%
Shares of Reddit stock opened at $187.94 on Friday. The firm has a market capitalization of $34.68 billion, a P/E ratio of 305.99, a P/E/G ratio of 3.81 and a beta of 2.33. Reddit has a 52 week low of $49.13 and a 52 week high of $230.41. The firm's 50 day moving average is $135.22 and its two-hundred day moving average is $138.51.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The company had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm's revenue was up 77.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.06) earnings per share. As a group, research analysts expect that Reddit will post 1.12 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Reddit news, CTO Christopher Brian Slowe sold 16,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $145.58, for a total value of $2,329,280.00. Following the completion of the sale, the chief technology officer owned 241,373 shares of the company's stock, valued at approximately $35,139,081.34. This trade represents a 6.22% 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 the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the sale, the chief financial officer directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock valued at $61,884,325 in the last quarter. Corporate insiders own 34.25% of the company's stock.
Institutional Investors Weigh In On Reddit
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Congress Park Capital LLC lifted its holdings in Reddit by 2.0% in the second quarter. Congress Park Capital LLC now owns 3,885 shares of the company's stock valued at $585,000 after acquiring an additional 76 shares during the period. Platinum Investment Management Ltd. raised its stake in shares of Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company's stock worth $350,000 after buying an additional 95 shares during the last quarter. Signaturefd LLC raised its stake in shares of Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company's stock worth $300,000 after buying an additional 97 shares during the last quarter. CWM LLC raised its stake in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Reddit by 12.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company's stock worth $139,000 after buying an additional 147 shares during the last quarter.
About Reddit
(
Get Free Report)
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.
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