Reddit (NYSE:RDDT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Reddit (NYSE:RDDT) had its target price upped by analysts at JPMorgan Chase & Co. from $142.00 to $185.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential downside of 7.15% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Raymond James upped their price target on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, Jefferies Financial Group raised their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $172.95.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $17.23 during trading on Thursday, reaching $199.25. 12,822,131 shares of the company traded hands, compared to its average volume of 5,305,206. Reddit has a 52-week low of $37.35 and a 52-week high of $230.41. The business’s fifty day moving average is $180.60 and its 200-day moving average is $117.29.

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

Insider Buying and Selling at Reddit

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

Hedge Funds Weigh In On Reddit

Institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC raised its position in 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 acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at approximately $494,861,000. Holocene Advisors LP increased its holdings in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period.

Reddit Company Profile

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.