Reddit (NYSE:RDDT) Research Coverage Started at Piper Sandler

Piper Sandler initiated coverage on shares of Reddit (NYSE:RDDT) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $50.00 price target on the stock.

A number of other research firms also recently issued reports on RDDT. Roth Mkm began coverage on Reddit in a research report on Monday. They issued a “buy” rating and a $50.00 target price on the stock. Needham & Company LLC began coverage on Reddit in a research report on Monday. They issued a “buy” rating and a $55.00 target price on the stock. Sanford C. Bernstein began coverage on Reddit in a research report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 target price on the stock. JPMorgan Chase & Co. began coverage on Reddit in a research report on Monday. They issued a “neutral” rating and a $47.00 target price on the stock. Finally, Robert W. Baird started coverage on Reddit in a research report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 target price on the stock. One 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 assigned a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Trading Up 2.9 %

RDDT opened at 41.14 on Monday. Reddit has a 1 year low of 39.32 and a 1 year high of 74.90.

Insider Transactions at Reddit

In other news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the acquisition, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 completion of the sale, the chief executive officer now owns 710,306 shares in the company, valued at 22,942,883.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last quarter.

Institutional Investors Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent 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.

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.