Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Deutsche Bank Aktiengesellschaft

Equities research analysts at Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit (NYSE:RDDT) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $50.00 price target on the stock.

A number of other brokerages have also commented on RDDT. JMP Securities started coverage on Reddit in a research report on Monday. They set an “outperform” rating and a $53.00 price objective for the company. Roth Mkm assumed coverage on Reddit in a report on Monday. They set a “buy” rating and a $50.00 price target for the company. JPMorgan Chase & Co. started coverage on Reddit in a report on Monday. They set a “neutral” rating and a $47.00 price target for the company. Raymond James started coverage on Reddit in a report on Monday. They issued a “strong-buy” rating and a $50.00 target price for the company. Finally, The Goldman Sachs Group started coverage on Reddit in a report on Monday. They issued a “neutral” rating and a $40.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Stock Down 5.4 %

Shares of RDDT opened at 40.00 on Tuesday. Reddit has a 1-year low of 39.68 and a 1-year high of 74.90.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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.