Reddit (NYSE:RDDT – Get Free Report) had its price target boosted by JPMorgan Chase & Co. from $59.00 to $77.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 8.79% from the company’s previous close.
A number of other research firms have also recently issued reports on RDDT. Piper Sandler boosted their price objective on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. B. Riley initiated coverage on Reddit in a research report on Friday, September 20th. They set a “buy” rating and a $75.00 price objective on the stock. Morgan Stanley boosted their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein boosted their price objective on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Finally, Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.18.
Check Out Our Latest Report on Reddit
Reddit Trading Up 0.5 %
Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same quarter last year, the firm earned ($0.70) earnings per share. The firm’s quarterly revenue was up 53.6% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit will post -4.13 EPS for the current fiscal year.
Insiders Place Their Bets
In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the transaction, the insider now owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $43,147,505. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 337,993 shares of company stock valued at $19,517,419.
Hedge Funds Weigh In On Reddit
Large investors have recently made changes to their positions in the company. Greenhouse Wealth Management LLC acquired a new position in Reddit in the third quarter valued at about $258,000. StoneCrest Wealth Management Inc. lifted its stake in Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares during the period. SG Americas Securities LLC acquired a new position in Reddit in the third quarter valued at about $612,000. Truist Financial Corp acquired a new position in Reddit in the second quarter valued at about $266,000. Finally, Scientech Research LLC lifted its stake in Reddit by 120.0% in the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock valued at $1,242,000 after buying an additional 10,601 shares during the period.
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.
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