Reddit (NYSE:RDDT) Shares Gap Down to $41.72

Reddit, Inc. (NYSE:RDDT) gapped down before the market opened on Friday . The stock had previously closed at 41.72, but opened at 40.57. Reddit shares last traded at 42.88, with a volume of 404,313 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RDDT. JMP Securities began coverage on Reddit in a report on Monday. They set an “outperform” rating and a $53.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a report on Tuesday. They issued a “buy” rating and a $50.00 target price on the stock. Bank of America assumed coverage on Reddit in a report on Tuesday. They issued a “neutral” rating and a $46.00 target price on the stock. Citigroup assumed coverage on Reddit in a report on Monday. They issued a “buy” rating and a $53.00 target price on the stock. Finally, JPMorgan Chase & Co. assumed coverage on Reddit in a report on Monday. They issued a “neutral” rating and a $47.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned 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, the stock has a consensus rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Trading Up 4.2 %

Insiders Place Their Bets

In other news, Director David C. Habiger acquired 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was acquired 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 in the company, valued at 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director David C. Habiger acquired 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was acquired 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 in the company, valued at 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of Reddit 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 sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 over the last 90 days.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 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.