Reddit (NYSE:RDDT) Research Coverage Started at JMP Securities

JMP Securities initiated coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Monday, MarketBeat reports. The firm issued an outperform rating and a $53.00 price target on the stock.

Several other research analysts have also recently issued reports on RDDT. Roth Mkm started coverage on shares of Reddit in a report on Monday. They set a buy rating and a $50.00 target price on the stock. Needham & Company LLC started coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $55.00 price target for the company. Robert W. Baird started coverage on shares of Reddit in a research report on Thursday, April 4th. They set a neutral rating and a $50.00 price target for the company. JPMorgan Chase & Co. started coverage on shares of Reddit in a research report on Monday. They set a neutral rating and a $47.00 price target for the company. Finally, Piper Sandler started coverage on shares of Reddit in a research report on Monday. They set an overweight rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Down 4.8 %

Shares of Reddit stock opened at 39.17 on Monday. Reddit has a 1 year low of 38.70 and a 1 year high of 74.90.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s 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 5,975,500.00. Following the completion of 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 Securities & Exchange Commission, which is accessible through this link. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s 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 5,975,500.00. Following the completion of 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 Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’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 transaction, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

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.