Reddit (NYSE:RDDT) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday, Marketbeat reports. The brokerage issued a buy rating and a $55.00 price objective on the stock.

Several other brokerages also recently commented on RDDT. Sanford C. Bernstein assumed coverage on Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 target price for the company. Robert W. Baird assumed coverage on Reddit in a research note on Thursday, April 4th. They set a neutral rating and a $50.00 target price for the company. Finally, New Street Research assumed coverage on Reddit in a research note on Tuesday, March 26th. They set a neutral rating and a $54.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of 49.20.

Reddit Stock Up 6.5 %

RDDT stock opened at 41.72 on Monday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s 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 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s 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 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor 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.