Reddit (NYSE:RDDT) Receives New Coverage from Analysts at The Goldman Sachs Group

The Goldman Sachs Group began coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $40.00 price objective on the stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. initiated coverage on Reddit in a report on Monday. They set a neutral rating and a $47.00 price target for the company. New Street Research initiated coverage on Reddit in a report on Tuesday, March 26th. They set a neutral rating and a $54.00 price target for the company. JMP Securities initiated coverage on Reddit in a report on Monday. They set an outperform rating and a $53.00 price target for the company. Roth Mkm initiated coverage on Reddit in a report on Monday. They set a buy rating and a $50.00 price target for the company. Finally, Morgan Stanley assumed coverage on shares of Reddit in a research report on Monday. They set an equal weight rating and a $45.00 target price on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit has an average rating of Moderate Buy and a consensus price target of 49.20.

Reddit Trading Down 4.8 %

RDDT stock opened at 39.17 on Monday. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were 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 can be accessed through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were 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 can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

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