Reddit (NYSE:RDDT) Given New $200.00 Price Target at JMP Securities

Reddit (NYSE:RDDT) had its target price increased by research analysts at JMP Securities from $190.00 to $200.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. JMP Securities’ price objective suggests a potential downside of 3.09% from the stock’s previous close.

Several other brokerages have also recently issued reports on RDDT. Citigroup boosted their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Guggenheim assumed coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Bank of America boosted their target price on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Loop Capital upped their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $166.90.

Reddit Trading Down 4.7 %

NYSE RDDT traded down $10.09 on Thursday, hitting $206.38. 9,357,883 shares of the stock were exchanged, compared to its average volume of 5,113,731. Reddit has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The company has a 50-day moving average price of $180.60 and a 200-day moving average price of $117.29.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, research analysts expect that Reddit will post -3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock worth $41,121,108 over the last quarter.

Institutional Investors Weigh In On Reddit

Several institutional investors and hedge funds have recently made changes to their positions in RDDT. Trek Financial LLC acquired a new position in shares of Reddit in the 4th quarter valued at about $910,000. FMR LLC grew its holdings in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Reddit by 1,419.3% during the 4th quarter. Russell Investments Group Ltd. now owns 167,925 shares of the company’s stock worth $27,573,000 after purchasing an additional 156,872 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Reddit by 2,292.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company’s stock worth $13,359,000 after purchasing an additional 78,319 shares during the last quarter. Finally, Wedbush Securities Inc. acquired a new position in Reddit during the 4th quarter valued at approximately $368,000.

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.