Reddit (NYSE:RDDT) Given New $63.00 Price Target at JMP Securities

Reddit (NYSE:RDDT) had its price target upped by JMP Securities from $53.00 to $63.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other analysts also recently weighed in on RDDT. Piper Sandler boosted their target price on shares of Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research report on Wednesday. Bank of America assumed coverage on Reddit in a research report on Tuesday, April 16th. They issued a neutral rating and a $46.00 target price on the stock. Roth Mkm boosted their price target on Reddit from $50.00 to $61.00 and gave the company a buy rating in a research note on Wednesday. New Street Research assumed coverage on Reddit in a report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price objective on the stock. Finally, Loop Capital started coverage on Reddit in a report on Monday, April 15th. They set a buy rating and a $55.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit presently has an average rating of Moderate Buy and a consensus price target of 54.87.

Reddit Price Performance

Shares of RDDT traded down 1.29 during trading hours on Wednesday, hitting 50.11. The company had a trading volume of 3,900,500 shares, compared to its average volume of 6,297,074. Reddit has a one year low of 37.35 and a one year high of 74.90.

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

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. acquired a new position in Reddit in the 1st quarter valued at about $2,057,000. Commonwealth Equity Services LLC acquired a new position in Reddit in the first quarter valued at approximately $1,111,000. Seven Grand Managers LLC purchased a new position in Reddit in the first quarter worth approximately $986,000. Congress Park Capital LLC acquired a new stake in Reddit during the first quarter worth $279,000. Finally, SG Americas Securities LLC acquired a new position in shares of Reddit in the 1st quarter valued at $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.