Reddit (NYSE:RDDT) Earns Market Outperform Rating from JMP Securities

Reddit (NYSE:RDDT - Get Free Report)'s stock had its "market outperform" rating restated by equities research analysts at JMP Securities in a research note issued on Friday,Benzinga reports. They presently have a $180.00 price objective on the stock. JMP Securities' price objective would suggest a potential upside of 54.60% from the company's current price.

Several other brokerages have also recently issued reports on RDDT. Truist Financial began coverage on shares of Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Bank of America lowered their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Piper Sandler cut their price objective on Reddit from $220.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Wells Fargo & Company decreased their target price on Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, March 31st. Finally, Loop Capital reissued a "buy" rating and set a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $142.30.

Reddit Stock Up 2.3 %

Shares of RDDT stock traded up $2.60 during mid-day trading on Friday, hitting $116.43. 11,507,123 shares of the company's stock were exchanged, compared to its average volume of 5,848,417. The stock has a market cap of $21.06 billion, a price-to-earnings ratio of -15.06, a PEG ratio of 4.72 and a beta of 2.89. Reddit has a fifty-two week low of $46.75 and a fifty-two week high of $230.41. The stock has a 50-day simple moving average of $116.82 and a two-hundred day simple moving average of $144.15.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the previous year, the business earned ($8.19) EPS. The firm's revenue was up 61.5% on a year-over-year basis. As a group, analysts anticipate that Reddit will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 711,270 shares of company stock worth $94,239,985.

Institutional Trading of Reddit

Hedge funds have recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new stake in Reddit in the fourth quarter worth about $27,000. CWM LLC boosted its holdings in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after acquiring an additional 128 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC raised its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Finally, Farmers & Merchants Investments Inc. acquired a new stake in Reddit in the fourth quarter worth approximately $33,000.

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.