Reddit (NYSE:RDDT) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Research analysts at JPMorgan Chase & Co. assumed coverage on shares of Reddit (NYSE:RDDT) in a research report issued to clients and investors on Monday, Marketbeat reports. The brokerage set a “neutral” rating and a $47.00 price target on the stock.

A number of other analysts have also recently commented on RDDT. Needham & Company LLC started coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 target price for the company. New Street Research started coverage on shares of Reddit in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 target price for the company. Sanford C. Bernstein started coverage on shares of Reddit in a research note on Thursday, April 4th. They issued an “underperform” rating and a $40.00 target price for the company. Finally, Robert W. Baird began coverage on shares of Reddit in a research note on Thursday, April 4th. They issued a “neutral” rating and a $50.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Price Performance

NYSE:RDDT opened at 41.14 on Monday. Reddit has a fifty-two week low of 39.32 and a fifty-two week high of 74.90.

Insider Activity

In other news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction on Monday, March 25th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, 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 valued at $35,038,975 in the last three months.

Institutional Investors Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in 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.

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.