Citigroup Initiates Coverage on Reddit (NYSE:RDDT)

Analysts at Citigroup started coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Monday, Marketbeat.com reports. The brokerage set a “buy” rating and a $53.00 price target on the stock.

A number of other research firms have also issued reports on RDDT. Morgan Stanley assumed coverage on Reddit in a research note on Monday. They issued an “equal weight” rating and a $45.00 target price on the stock. Needham & Company LLC assumed coverage on Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 target price on the stock. Sanford C. Bernstein assumed coverage on Reddit in a research note on Thursday, April 4th. They issued an “underperform” rating and a $40.00 target price on the stock. Loop Capital assumed coverage on Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 target price on the stock. Finally, The Goldman Sachs Group assumed coverage on Reddit in a research note on Monday. They issued a “neutral” rating and a $40.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Price Performance

RDDT opened at 41.14 on Monday. Reddit has a 1-year low of 39.32 and a 1-year high of 74.90.

Insider Transactions at Reddit

In other 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 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last ninety days.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent 13F filing with the Securities & 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.