Reddit (NYSE:RDDT) Receives New Coverage from Analysts at Raymond James

Analysts at Raymond James initiated coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday, Marketbeat.com reports. The firm set a “strong-buy” rating and a $50.00 price target on the stock.

RDDT has been the topic of several other research reports. Needham & Company LLC initiated coverage on shares of Reddit in a research report on Monday. They set a “buy” rating and a $55.00 price objective on the stock. Piper Sandler initiated coverage on shares of Reddit in a research report on Monday. They set an “overweight” rating and a $50.00 price objective on the stock. JMP Securities initiated coverage on shares of Reddit in a research report on Monday. They set an “outperform” rating and a $53.00 price objective on the stock. Sanford C. Bernstein initiated coverage on shares of Reddit in a research report on Thursday, April 4th. They set an “underperform” rating and a $40.00 price objective on the stock. Finally, JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research report on Monday. They set a “neutral” rating and a $47.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of 49.20.

Reddit Trading Up 2.9 %

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

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction 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 owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the 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 transaction, the chief executive officer now 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 quarter, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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.