Reddit (NYSE:RDDT) Price Target Raised to $118.00

Reddit (NYSE:RDDT) had its price objective increased by JMP Securities from $84.00 to $118.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a market outperform rating on the stock.

A number of other equities analysts have also weighed in on the company. The Goldman Sachs Group upped their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. JPMorgan Chase & Co. increased their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Piper Sandler reiterated an “overweight” rating and set a $115.00 price objective (up from $70.00) on shares of Reddit in a research report on Wednesday. Needham & Company LLC increased their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Sanford C. Bernstein increased their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $89.72.

Reddit Stock Performance

Shares of NYSE RDDT opened at $112.99 on Wednesday. The stock’s 50-day simple moving average is $70.13 and its two-hundred day simple moving average is $62.12. Reddit has a twelve month low of $37.35 and a twelve month high of $123.60.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, equities analysts anticipate that Reddit will post -4.05 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares of the company’s stock, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,327 shares of company stock worth $23,503,224.

Hedge Funds Weigh In On Reddit

Large investors have recently made changes to their positions in the business. Whittier Trust Co. bought a new stake in shares of Reddit in the third quarter worth about $42,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the first quarter worth about $37,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the second quarter worth about $78,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the first quarter worth about $63,000. Finally, UMB Bank n.a. bought a new stake in shares of Reddit in the second quarter worth about $88,000.

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.