Needham & Company LLC Initiates Coverage on Reddit (NYSE:RDDT)

Stock analysts at Needham & Company LLC assumed coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Monday, Marketbeat Ratings reports. The firm set a “buy” rating and a $55.00 price target on the stock.

Other equities research analysts also recently issued reports about the company. Sanford C. Bernstein initiated coverage on Reddit in a research report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 target price for the company. New Street Research initiated coverage on Reddit in a research report on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 target price for the company. Finally, Robert W. Baird initiated coverage on Reddit in a research 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 assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Trading Up 2.9 %

Shares of NYSE RDDT opened at 41.14 on Monday. Reddit has a 12-month low of 39.32 and a 12-month high of 74.90.

Insider Activity

In other Reddit news, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the acquisition, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the sale, the chief accounting officer now directly owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David C. Habiger acquired 3,000 shares of the business’s stock in a transaction that occurred on 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 completion of the acquisition, 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. In the last 90 days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (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.