JPMorgan Chase & Co. Cuts Reddit (NYSE:RDDT) Price Target to $59.00

Reddit (NYSE:RDDT) had its price target lowered by stock analysts at JPMorgan Chase & Co. from $67.00 to $59.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 18.19% from the company’s current price.

Several other research analysts also recently weighed in on the company. Cannonball Research began coverage on Reddit in a research note on Tuesday. They set a “buy” rating and a $67.00 target price for the company. Bank of America started coverage on Reddit in a research note on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price for the company. The Goldman Sachs Group increased their price objective on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Finally, Roth Mkm reduced their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $65.56.

Reddit Trading Down 8.2 %

Reddit stock traded down $4.44 during mid-day trading on Wednesday, hitting $49.92. The company had a trading volume of 5,990,713 shares, compared to its average volume of 4,429,407. Reddit has a 12-month low of $37.35 and a 12-month high of $78.08. The firm’s fifty day moving average is $63.31.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the prior year, the company posted ($0.70) EPS. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. On average, equities research analysts forecast that Reddit will post -4.68 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently made changes to their positions in RDDT. Inclusive Capital Partners L.P. acquired a new position in Reddit during the first quarter worth approximately $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the first quarter worth approximately $82,167,000. Bank of New York Mellon Corp increased its position in Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares during the period. Price T Rowe Associates Inc. MD acquired a new position in Reddit during the first quarter worth approximately $37,015,000. Finally, Blackstone Inc. acquired a new position in Reddit during the first quarter worth approximately $36,990,000.

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.