Reddit (NYSE:RDDT) Now Covered by Morgan Stanley

Morgan Stanley started coverage on shares of Reddit (NYSE:RDDT) in a research report released on Monday, Marketbeat reports. The firm issued an equal weight rating and a $45.00 price target on the stock.

Several other analysts also recently issued reports on the stock. New Street Research initiated coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target for the company. Robert W. Baird assumed coverage on shares of Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 price target on the stock. JPMorgan Chase & Co. began coverage on Reddit in a research note on Monday. They set a neutral rating and a $47.00 price target for the company. Needham & Company LLC assumed coverage on Reddit in a research report on Monday. They set a buy rating and a $55.00 target price on the stock. Finally, Roth Mkm began coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $50.00 target price 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has an average rating of Moderate Buy and an average price target of 49.20.

Reddit Stock Performance

Shares of RDDT stock opened at 41.72 on Monday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

Insider Buying and Selling at Reddit

In other Reddit news, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’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 value of 97,965.90. Following the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the acquisition, the director now owns 24,906 shares in the company, valued at 846,804. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds 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 filing with the Securities and Exchange Commission. The firm 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.