Reddit (NYSE:RDDT) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. assumed coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday, Marketbeat.com reports. The firm issued a neutral rating and a $47.00 price target on the stock.

Other equities research analysts have also issued reports about the company. New Street Research assumed coverage on Reddit in a research note on Tuesday, March 26th. They set a neutral rating and a $54.00 price objective for the company. Robert W. Baird assumed coverage on Reddit in a research report on Thursday, April 4th. They issued a neutral rating and a $50.00 price target for the company. Needham & Company LLC assumed coverage on Reddit in a research report on Monday. They issued a buy rating and a $55.00 price target for the company. Finally, Sanford C. Bernstein assumed coverage on Reddit in a research report on Thursday, April 4th. They issued an underperform rating and a $40.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Down 4.8 %

NYSE:RDDT opened at 39.17 on Monday. Reddit has a 12 month low of 38.70 and a 12 month high of 74.90.

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the 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 completion of the transaction, the chief accounting officer now directly owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 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 transaction of 16,150,000.00. Following the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 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 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

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