Reddit (NYSE:RDDT) Receives New Coverage from Analysts at Raymond James

Raymond James started coverage on shares of Reddit (NYSE:RDDT) in a research report sent to investors on Monday morning, Marketbeat Ratings reports. The firm issued a strong-buy rating and a $50.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the stock. Loop Capital started coverage on shares of Reddit in a research note on Monday. They set a buy rating and a $55.00 target price on the stock. JMP Securities started coverage on shares of Reddit in a research report on Monday. They set an outperform rating and a $53.00 price target for the company. Robert W. Baird started coverage on shares of Reddit in a research report on Thursday, April 4th. They set a neutral rating and a $50.00 price target for the company. Needham & Company LLC started coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $55.00 price target for the company. Finally, JPMorgan Chase & Co. began coverage on Reddit in a research note on Monday. They issued a neutral rating and a $47.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of 49.20.

Reddit Trading Up 6.5 %

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

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the 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 completion of the sale, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David C. Habiger acquired 3,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were purchased at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now owns 24,906 shares of the company’s stock, valued at 846,804. The disclosure for this purchase can be found here. In the last three months, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 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.