Reddit (NYSE:RDDT) Rating Reiterated by JMP Securities

Reddit (NYSE:RDDT - Get Free Report)'s stock had its "market outperform" rating reissued by research analysts at JMP Securities in a research note issued on Friday, Benzinga reports. They currently have a $63.00 price objective on the stock.

Several other equities analysts have also recently weighed in on the company. Robert W. Baird lifted their target price on Reddit from $50.00 to $59.00 and gave the company a "neutral" rating in a research note on Wednesday, May 8th. Sanford C. Bernstein upped their price objective on shares of Reddit from $40.00 to $45.00 and gave the company an "underperform" rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research report on Monday, April 15th. They issued a "neutral" rating and a $47.00 target price for the company. Piper Sandler boosted their price target on shares of Reddit from $50.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday, May 8th. Finally, Roth Capital reiterated a "buy" rating on shares of Reddit in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of 56.20.

Reddit Trading Up 10.0 %

RDDT traded up 5.66 during trading on Friday, reaching 62.04. The company had a trading volume of 15,131,399 shares, compared to its average volume of 6,441,538. The company has a 50-day moving average of 48.13. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the prior year, the business posted ($1.05) earnings per share. Reddit's quarterly revenue was up 48.4% compared to the same quarter last year. On average, research analysts predict that Reddit will post -4.71 earnings per share for the current year.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the business's stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now directly owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the transaction, the chief accounting officer now directly owns 96,413 shares in the company, valued at 3,114,139.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the business's stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the transaction, the chief executive officer now directly owns 710,306 shares of the company's stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Investors Weigh In On Reddit

Several hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in Reddit during the first quarter valued at about $27,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit during the 1st quarter worth approximately $37,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the first quarter valued at approximately $63,000. Sandia Investment Management LP acquired a new position in shares of Reddit in the first quarter valued at $79,000. Finally, SG Americas Securities LLC bought a new position in Reddit in the first quarter worth $265,000.

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.