Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Raymond James

Raymond James initiated coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday, MarketBeat Ratings reports. The brokerage issued a strong-buy rating and a $50.00 price target on the stock.

Several other brokerages have also weighed in on RDDT. Robert W. Baird assumed coverage on shares of Reddit in a report on Thursday, April 4th. They set a neutral rating and a $50.00 price objective for the company. New Street Research initiated coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a neutral rating and a $54.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on shares of Reddit in a research note on Monday. They issued a neutral rating and a $47.00 price objective on the stock. JMP Securities assumed coverage on shares of Reddit in a research report on Monday. They issued an outperform rating and a $53.00 target price on the stock. Finally, Loop Capital began coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 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. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of 49.20.

Reddit Trading Up 6.5 %

Shares of RDDT stock opened at 41.72 on Monday. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Insider Transactions at Reddit

In related news, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Reddit news, Director David C. Habiger purchased 3,000 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 500,000 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 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. 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 bought a new stake in Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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.