The Goldman Sachs Group Initiates Coverage on Reddit (NYSE:RDDT)

Equities research analysts at The Goldman Sachs Group began coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Monday, MarketBeat reports. The brokerage set a “neutral” rating and a $40.00 price target on the stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. began coverage on Reddit in a report on Monday. They set a “neutral” rating and a $47.00 target price on the stock. New Street Research began coverage on Reddit in a report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price objective on the stock. Loop Capital began coverage on Reddit in a report on Monday. They set a “buy” rating and a $55.00 price objective on the stock. Piper Sandler began coverage on Reddit in a report on Monday. They set an “overweight” rating and a $50.00 price objective on the stock. Finally, JMP Securities began coverage on Reddit in a report on Monday. They set an “outperform” rating and a $53.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of 49.20.

Reddit Stock Performance

Shares of NYSE:RDDT 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 other news, CFO Andrew Vollero sold 71,765 shares of the business’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 2,318,009.50. Following the completion of the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at approximately 22,017,618. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the business’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 16,150,000.00. Following the completion of the transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 71,765 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 2,318,009.50. Following the transaction, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

An institutional investor recently bought a new position 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. The fund acquired 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.