Reddit (NYSE:RDDT) Coverage Initiated by Analysts at JMP Securities

JMP Securities began coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm issued an outperform rating and a $53.00 price target on the stock.

Several other analysts also recently weighed in on RDDT. JPMorgan Chase & Co. started coverage on Reddit in a research note on Monday. They issued a neutral rating and a $47.00 price target on the stock. New Street Research began coverage on Reddit in a research report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price objective on the stock. Piper Sandler started coverage on shares of Reddit in a research report on Monday. They set an overweight rating and a $50.00 price objective on the stock. Needham & Company LLC started coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 target price for the company. Finally, Sanford C. Bernstein started coverage on shares of Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of 49.20.

Reddit Trading Up 6.5 %

Shares of RDDT stock opened at 41.72 on Monday. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 185,000 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 value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the sale, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 96,413 shares in the company, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Investors Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 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.