Reddit (NYSE:RDDT) Earns Neutral Rating from Analysts at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday, Marketbeat.com reports. The brokerage issued a neutral rating and a $40.00 price target on the stock.

RDDT has been the topic of several other research reports. Morgan Stanley started coverage on shares of Reddit in a research note on Monday. They issued an equal weight rating and a $45.00 price target on the stock. 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 on the stock. JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research report on Monday. They set a neutral rating and a $47.00 target price on the stock. Roth Mkm initiated coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $50.00 target price on the stock. Finally, Raymond James initiated coverage on shares of Reddit in a research report on Monday. They set a strong-buy rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of 49.20.

Reddit Trading Down 4.8 %

RDDT stock opened at 39.17 on Monday. Reddit has a 12 month low of 38.70 and a 12 month high of 74.90.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction dated 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 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, COO Jennifer L. Wong sold 325,000 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 value of 10,497,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,736,813 shares in the company, valued at approximately 56,099,059.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction that occurred 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 owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent filing with the SEC. 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.