JMP Securities Reiterates “Market Outperform” Rating for Reddit (NYSE:RDDT)

JMP Securities reissued their market outperform rating on shares of Reddit (NYSE:RDDTFree Report) in a research report released on Friday morning, Benzinga reports. JMP Securities currently has a $63.00 price objective on the stock.

Several other equities analysts also recently issued reports on RDDT. Bank of America began coverage on shares of Reddit in a report on Tuesday, April 16th. They set a neutral rating and a $46.00 price objective on the stock. Raymond James initiated coverage on shares of Reddit in a research report on Monday, April 15th. They issued a strong-buy rating and a $50.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Reddit from $62.00 to $65.00 and gave the company a buy rating in a research report on Friday. Robert W. Baird increased their target price on shares of Reddit from $50.00 to $59.00 and gave the company a neutral rating in a research report on Wednesday, May 8th. Finally, Loop Capital initiated coverage on shares of Reddit in a research report on Monday, April 15th. They issued a buy rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of 56.20.

View Our Latest Research Report on Reddit

Reddit Trading Down 1.3 %

RDDT opened at 61.22 on Friday. Reddit has a 52-week low of 37.35 and a 52-week high of 74.90. The firm’s fifty day moving average is 48.76.

Reddit (NYSE:RDDTGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share (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. The firm’s quarterly revenue was up 48.4% on a year-over-year basis. During the same quarter last year, the firm posted ($1.05) earnings per share. On average, research analysts anticipate that Reddit will post -4.71 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated Monday, March 25th. The shares were 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 owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the transaction, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Inclusive Capital Partners L.P. purchased a new position in shares of Reddit in the first quarter valued at approximately $103,051,000. Vanguard Group Inc. purchased a new position in shares of Reddit in the first quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD purchased a new position in shares of Reddit in the first quarter valued at approximately $37,015,000. Blackstone Inc. purchased a new position in shares of Reddit in the first quarter valued at approximately $36,990,000. Finally, Bamco Inc. NY purchased a new position in shares of Reddit in the first quarter valued at approximately $14,796,000.

About Reddit

(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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