Reddit (NYSE:RDDT) Research Coverage Started at The Goldman Sachs Group

Investment analysts at The Goldman Sachs Group assumed coverage on shares of Reddit (NYSE:RDDT) in a research report issued to clients and investors on Monday, MarketBeat reports. The brokerage set a “neutral” rating and a $40.00 price target on the stock.

RDDT has been the topic of a number of other research reports. Needham & Company LLC assumed coverage on shares of Reddit in a report on Monday. They issued a “buy” rating and a $55.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on shares of Reddit in a report on Monday. They issued a “neutral” rating and a $47.00 price target on the stock. Raymond James assumed coverage on shares of Reddit in a report on Monday. They issued a “strong-buy” rating and a $50.00 price target on the stock. JMP Securities assumed coverage on shares of Reddit in a report on Monday. They issued an “outperform” rating and a $53.00 price target on the stock. Finally, Roth Mkm initiated coverage on shares of Reddit in a report on Monday. They issued a “buy” rating and a $50.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of 49.20.

Reddit Price Performance

NYSE:RDDT opened at 41.14 on Monday. Reddit has a 12 month low of 39.32 and a 12 month high of 74.90.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the business’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 directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the business’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 directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the business’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 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Institutional Inflows and Outflows

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) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund 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.