Reddit, Inc. (NYSE:RDDT) Given Consensus Rating of “Moderate Buy” by Brokerages

Reddit, Inc. (NYSE:RDDT) has received an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company.

Several analysts recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Reddit in a report on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target on the stock. Morgan Stanley began coverage on Reddit in a research report on Monday, April 15th. They issued an “equal weight” rating and a $45.00 target price on the stock. Piper Sandler began coverage on Reddit in a research report on Monday, April 15th. They issued an “overweight” rating and a $50.00 target price on the stock. Robert W. Baird began coverage on Reddit in a research report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft began coverage on Reddit in a research report on Tuesday. They issued a “buy” rating and a $50.00 target price on the stock.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’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 completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’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 completion of 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction dated 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 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $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 bought a new stake in Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,664 shares of the company’s stock, valued at approximately $279,000.

Reddit Trading Down 2.0 %

Shares of NYSE:RDDT opened at 40.88 on Monday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

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.