Jefferies Financial Group Issues Positive Forecast for Reddit (NYSE:RDDT) Stock Price

Reddit (NYSE:RDDT) had its price objective hoisted by Jefferies Financial Group from $120.00 to $175.00 in a research report report published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also weighed in on RDDT. Citigroup upped their target price on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Loop Capital lifted their target price on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America increased their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $98.17.

Reddit Price Performance

Shares of Reddit stock opened at $140.04 on Monday. The company’s 50-day moving average price is $98.23 and its 200-day moving average price is $73.70. Reddit has a 12-month low of $37.35 and a 12-month high of $158.49.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities analysts forecast that Reddit will post -3.63 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 311,644 shares of company stock worth $29,210,730.

Hedge Funds Weigh In On Reddit

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter valued at $37,000. Whittier Trust Co. purchased a new stake in shares of Reddit in the 3rd quarter worth about $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter valued at about $78,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit during the third quarter valued at about $85,000. Finally, UMB Bank n.a. purchased a new position in shares of Reddit during the second quarter valued at about $88,000.

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.