Reddit, Inc.’s Quiet Period Set To Expire Tomorrow (NYSE:RDDT)

Reddit’s (NYSE:RDDT) quiet period is set to expire on Tuesday, April 30th. Reddit had issued 22,000,000 shares in its IPO on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. During Reddit’s quiet period, underwriters and any insiders involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the end of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent analyst reports. Bank of America began coverage on Reddit in a research note on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price for the company. Robert W. Baird assumed coverage on shares of Reddit in a research report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 target price on the stock. Citigroup assumed coverage on shares of Reddit in a research report on Monday, April 15th. They set a “buy” rating and a $53.00 price target for the company. New Street Research assumed coverage on shares of Reddit in a report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 price objective on the stock. Finally, Needham & Company LLC started coverage on Reddit in a research report on Monday, April 15th. They issued a “buy” rating and a $55.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of 49.20.

Reddit Trading Up 7.0 %

Reddit stock opened at 45.43 on Monday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were 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 owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the acquisition, 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. In the last quarter, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new position in Reddit during the first quarter worth about $27,000. Congress Park Capital LLC acquired a new position in shares of Reddit during the 1st quarter worth approximately $279,000. Seven Grand Managers LLC purchased a new stake in Reddit in the 1st quarter valued at approximately $986,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Reddit during the 1st quarter valued at $2,057,000.

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.