Reddit (NYSE:RDDT) Price Target Raised to $63.00 at JMP Securities

Reddit (NYSE:RDDT) had its price target lifted by equities researchers at JMP Securities from $53.00 to $63.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “market outperform” rating on the stock.

Other equities analysts also recently issued reports about the company. Citigroup started coverage on Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $53.00 target price for the company. Sanford C. Bernstein boosted their target price on Reddit from $40.00 to $45.00 and gave the stock an “underperform” rating in a report on Wednesday. Raymond James started coverage on Reddit in a report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price for the company. Roth Capital restated a “buy” rating on shares of Reddit in a report on Monday, April 15th. Finally, Bank of America began coverage on shares of Reddit in a research note on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of 53.07.

Reddit Price Performance

NYSE:RDDT traded up 2.81 during mid-day trading on Wednesday, hitting 52.21. The company had a trading volume of 12,127,218 shares, compared to its average volume of 6,308,607. Reddit has a 1 year low of 37.35 and a 1 year high of 74.90.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. The business’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period last year, the business earned ($1.05) EPS. As a group, equities research analysts predict that Reddit will post -7.09 EPS for the current year.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction that occurred 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 owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Reddit news, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

Several large investors have recently bought and sold shares of RDDT. Global Retirement Partners LLC purchased a new position in Reddit in the 1st quarter worth approximately $27,000. BNP Paribas Financial Markets bought a new stake in Reddit during the 1st quarter valued at $37,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit during the 1st quarter valued at $63,000. SG Americas Securities LLC purchased a new position in shares of Reddit in the first quarter valued at $265,000. Finally, Congress Park Capital LLC bought a new stake in shares of Reddit during the first quarter worth $279,000.

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.