Reddit (NYSE:RDDT) Receives New Coverage from Analysts at Bank of America

Bank of America assumed coverage on shares of Reddit (NYSE:RDDT) in a report published on Tuesday, MarketBeat reports. The firm issued a neutral rating and a $46.00 price target on the stock.

A number of other analysts have also recently commented on the company. Citigroup assumed coverage on Reddit in a research report on Monday. They issued a buy rating and a $53.00 price objective for the company. Loop Capital assumed coverage on Reddit in a research note on Monday. They issued a buy rating and a $55.00 price target on the stock. Sanford C. Bernstein assumed coverage on Reddit in a research note on Thursday, April 4th. They issued an underperform rating and a $40.00 price target on the stock. Needham & Company LLC assumed coverage on Reddit in a research note on Monday. They issued a buy rating and a $55.00 price target on the stock. Finally, Robert W. Baird assumed coverage on Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 price target on the stock. One 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. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of 49.20.

Reddit Stock Up 6.5 %

Reddit stock opened at 41.72 on Tuesday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Andrew Vollero sold 71,765 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’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 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Investors Weigh In On 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 1st quarter, according to the company in its most recent Form 13F filing with the 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.