JPMorgan Chase & Co. Initiates Coverage on Reddit (NYSE:RDDT)

Analysts at JPMorgan Chase & Co. began coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday, MarketBeat Ratings reports. The brokerage set a “neutral” rating and a $47.00 price target on the stock.

RDDT has been the topic of a number of other research reports. Robert W. Baird assumed coverage on shares of Reddit in a report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 price target on the stock. Needham & Company LLC started coverage on shares of Reddit in a report on Monday. They issued a “buy” rating and a $55.00 price target on the stock. New Street Research started coverage on shares of Reddit in a report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 target price on the stock. Finally, Sanford C. Bernstein started coverage on shares of Reddit in a report on Thursday, April 4th. They set an “underperform” rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of 49.20.

Reddit Stock Up 2.9 %

Shares of NYSE:RDDT opened at 41.14 on Monday. Reddit has a one year low of 39.32 and a one year high of 74.90.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 in the last quarter.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 5,664 shares of the company’s stock, valued at approximately $279,000.

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.