Reddit (NYSE:RDDT) Now Covered by Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Reddit (NYSE:RDDT) in a research report sent to investors on Monday, Marketbeat.com reports. The brokerage issued an overweight rating and a $50.00 price objective on the stock.

Several other equities research analysts also recently weighed in on the stock. Robert W. Baird assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 price target for the company. Sanford C. Bernstein assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They issued an underperform rating and a $40.00 price target for the company. New Street Research assumed coverage on shares of Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target for the company. Roth Mkm began coverage on shares of Reddit in a report on Monday. They set a buy rating and a $50.00 price objective for the company. Finally, Needham & Company LLC began coverage on shares of Reddit in a report on Monday. They issued a buy rating and a $55.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of 49.20.

Reddit Price Performance

Shares of NYSE RDDT opened at 39.17 on Monday. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insiders Place Their Bets

In other news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the transaction, the chief executive officer now directly 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 ninety days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

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