Reddit (NYSE:RDDT) PT Raised to $77.00

Reddit (NYSE:RDDTGet Free Report) had its target price increased by analysts at JPMorgan Chase & Co. from $59.00 to $77.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 8.79% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $75.00 price objective on shares of Reddit in a research note on Wednesday, September 18th. Piper Sandler lifted their target price on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Raymond James lifted their target price on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a report on Wednesday, July 31st. Bank of America lifted their target price on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Sanford C. Bernstein lifted their target price on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.18.

Check Out Our Latest Report on Reddit

Reddit Stock Performance

Shares of NYSE RDDT opened at $70.78 on Monday. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $78.08. The firm’s 50-day simple moving average is $59.89 and its 200 day simple moving average is $57.72.

Reddit (NYSE:RDDTGet Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. During the same quarter in the prior year, the firm earned ($0.70) earnings per share. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. On average, sell-side analysts expect that Reddit will post -4.13 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $43,147,505. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,993 shares of company stock valued at $19,517,419 in the last 90 days.

Institutional Investors Weigh In On Reddit

Several institutional investors have recently made changes to their positions in the company. Inclusive Capital Partners L.P. acquired a new stake in shares of Reddit during the 1st quarter valued at about $103,051,000. Vanguard Group Inc. acquired a new stake in Reddit in the 1st quarter worth approximately $82,167,000. Bank of New York Mellon Corp lifted its holdings in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter. Marshall Wace LLP lifted its holdings in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new stake in Reddit in the 1st quarter worth approximately $37,015,000.

Reddit Company Profile

(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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