Reddit (NYSE:RDDT) Earns Outperform Rating from Analysts at JMP Securities

JMP Securities started coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, MarketBeat Ratings reports. The firm issued an outperform rating and a $53.00 target price on the stock.

Several other equities analysts also recently weighed in on RDDT. New Street Research assumed coverage on shares of Reddit in a report on Tuesday, March 26th. They set a neutral rating and a $54.00 target price for the company. Needham & Company LLC started coverage on shares of Reddit in a report on Monday. They issued a buy rating and a $55.00 target price for the company. Piper Sandler started coverage on shares of Reddit in a report on Monday. They issued an overweight rating and a $50.00 target price for the company. Sanford C. Bernstein started coverage on shares of Reddit in a report on Thursday, April 4th. They issued an underperform rating and a $40.00 target price for the company. Finally, Robert W. Baird started coverage on shares of Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 target price for the company. One equities 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of 49.20.

Reddit Stock Performance

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 Transactions at Reddit

In other news, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The shares were acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the transaction, the director now owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit 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 in the company, valued at 3,114,139.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

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