Reddit (NYSE:RDDT) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler initiated coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, MarketBeat reports. The brokerage issued an overweight rating and a $50.00 price objective on the stock.

Other analysts also recently issued reports about the company. Roth Mkm initiated coverage on Reddit in a research report on Monday. They issued a buy rating and a $50.00 target price for the company. Robert W. Baird began coverage on Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 price objective for the company. Sanford C. Bernstein began coverage on shares of Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 price objective on the stock. Needham & Company LLC started coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $55.00 target price for the company. Finally, New Street Research started coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a neutral rating and a $54.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Up 6.5 %

Shares of RDDT stock opened at 41.72 on Monday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 185,000 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 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s 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 97,965.90. Following the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 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 transaction of 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. 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.

Hedge Funds Weigh In On Reddit

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 Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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.