JMP Securities Initiates Coverage on Reddit (NYSE:RDDT)

Investment analysts at JMP Securities initiated coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $53.00 price target on the stock.

RDDT has been the subject of a number of other research reports. Roth Mkm initiated coverage on Reddit in a report on Monday. They issued a “buy” rating and a $50.00 price target for the company. Sanford C. Bernstein initiated coverage on Reddit in a report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 price target for the company. Robert W. Baird initiated coverage on Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price objective on the stock. Needham & Company LLC initiated coverage on Reddit in a research note on Monday. They set a “buy” rating and a $55.00 price objective on the stock. Finally, Piper Sandler initiated coverage on Reddit in a research note on Monday. They set an “overweight” rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of 49.20.

Reddit Trading Up 2.9 %

Shares of NYSE RDDT opened at 41.14 on Monday. Reddit has a 1-year low of 39.32 and a 1-year high of 74.90.

Insider Transactions at Reddit

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

Institutional Trading of Reddit

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