Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Bank of America

Equities research analysts at Bank of America assumed coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set a “neutral” rating and a $46.00 price target on the stock.

Other analysts have also issued research reports about the stock. Raymond James started coverage on shares of Reddit in a report on Monday. They set a “strong-buy” rating and a $50.00 target price on the stock. JMP Securities started coverage on shares of Reddit in a report on Monday. They set an “outperform” rating and a $53.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Reddit in a report on Tuesday. They set a “buy” rating and a $50.00 target price on the stock. Citigroup initiated coverage on shares of Reddit in a report on Monday. They set a “buy” rating and a $53.00 target price on the stock. Finally, New Street Research initiated 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Stock Performance

Shares of RDDT stock opened at 40.00 on Tuesday. Reddit has a 52 week low of 39.68 and a 52 week high of 74.90.

Insider Activity at Reddit

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 shares were sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Reddit news, Director David C. Habiger purchased 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following 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 hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,664 shares of the company’s stock, valued at approximately $279,000.

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.