Reddit (NYSE:RDDT) Earns Market Outperform Rating from JMP Securities

JMP Securities reiterated their market outperform rating on shares of Reddit (NYSE:RDDT) in a report issued on Tuesday, Benzinga reports. The firm currently has a $84.00 price objective on the stock.

Other analysts have also issued research reports about the stock. Needham & Company LLC increased their price objective on shares of Reddit from $63.00 to $75.00 and gave the stock a buy rating in a research note on Tuesday, June 18th. Citigroup increased their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock a buy rating in a research note on Friday, May 17th. Piper Sandler increased their price objective on shares of Reddit from $50.00 to $65.00 and gave the stock an overweight rating in a research note on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Reddit from $62.00 to $65.00 and gave the stock a buy rating in a research note on Friday, May 17th. Finally, Bank of America initiated coverage on shares of Reddit in a report on Tuesday, April 16th. They set a neutral rating and a $46.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has an average rating of Moderate Buy and a consensus price target of 64.80.

Reddit Trading Down 3.0 %

Shares of Reddit stock opened at 57.58 on Tuesday. Reddit has a 12-month low of 37.35 and a 12-month high of 78.08. The company’s 50 day moving average is 63.35.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, May 7th. The company reported -8.19 earnings per share for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The firm had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. Reddit’s revenue for the quarter was up 48.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.05) EPS. Research analysts forecast that Reddit will post -4.59 EPS for the current year.

Insider Activity

In other news, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the sale, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Michelle Marie Reynolds sold 6,618 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 390,064.92. Following the sale, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at 5,292,517.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 50,580 shares of Reddit stock in a transaction that occurred on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now directly owns 631,080 shares in the company, valued at 37,195,855.20. The disclosure for this sale can be found here. Insiders have sold a total of 192,689 shares of company stock worth $11,357,090 over the last quarter.

Institutional Trading of Reddit

A number of institutional investors have recently made changes to their positions in RDDT. Global Retirement Partners LLC acquired a new stake in shares of Reddit in the first quarter worth approximately $27,000. BNP Paribas Financial Markets acquired a new position in Reddit during the first quarter worth $37,000. ANTIPODES PARTNERS Ltd acquired a new position in Reddit during the first quarter worth $63,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter worth $78,000. Finally, Sandia Investment Management LP acquired a new position in Reddit during the first quarter worth $79,000.

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.