Reddit (NYSE:RDDT) Receives New Coverage from Analysts at Roth Mkm

Research analysts at Roth Mkm initiated coverage on shares of Reddit (NYSE:RDDT) in a note issued to investors on Monday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $50.00 price target on the stock.

Other equities research analysts also recently issued reports about the company. Needham & Company LLC began coverage on Reddit in a research report on Monday. They issued a “buy” rating and a $55.00 target price for the company. Robert W. Baird began 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. JPMorgan Chase & Co. began coverage on Reddit in a research report on Monday. They issued a “neutral” rating and a $47.00 target price for the company. Sanford C. Bernstein began 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. Finally, 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. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Price Performance

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

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 5,975,500.00. Following the completion of the sale, the chief technology officer now 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 SEC, which is accessible through this link. In related news, CTO Christopher Brian Slowe sold 185,000 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 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 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 value of 16,150,000.00. Following the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 over the last quarter.

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 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.

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.