Reddit (NYSE:RDDT) Coverage Initiated at Morgan Stanley

Equities research analysts at Morgan Stanley initiated coverage on shares of Reddit (NYSE:RDDT) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The firm set an “equal weight” rating and a $45.00 price target on the stock.

RDDT has been the topic of several other research reports. JMP Securities assumed coverage on Reddit in a research note on Monday. They issued an “outperform” rating and a $53.00 price objective on the stock. Needham & Company LLC assumed coverage on Reddit in a research report on Monday. They set a “buy” rating and a $55.00 price objective on the stock. Roth Mkm assumed coverage on Reddit in a research report on Monday. They set a “buy” rating and a $50.00 price objective on the stock. Robert W. Baird initiated coverage on Reddit in a research report on Thursday, April 4th. They set a “neutral” rating and a $50.00 price objective on the stock. Finally, Sanford C. Bernstein initiated coverage on Reddit in a research note on Thursday, April 4th. They set an “underperform” rating and a $40.00 target price on the stock. One 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 issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Stock Up 2.9 %

Shares of Reddit stock opened at 41.14 on Monday. Reddit has a one year low of 39.32 and a one year high of 74.90.

Insider Activity

In related news, Director David C. Habiger bought 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 in the company, valued at approximately 846,804. The acquisition 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 the business’s 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 transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now owns 24,906 shares in the company, valued at 846,804. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Hedge Funds Weigh In On Reddit

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