Piper Sandler Begins Coverage on Reddit (NYSE:RDDT)

Piper Sandler began coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Monday, Marketbeat reports. The brokerage issued an overweight rating and a $50.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on RDDT. New Street Research assumed coverage on Reddit in a research report on Tuesday, March 26th. They set a neutral rating and a $54.00 target price on the stock. JPMorgan Chase & Co. began coverage on Reddit in a report on Monday. They set a neutral rating and a $47.00 price objective on the stock. Needham & Company LLC began coverage on Reddit in a report on Monday. They set a buy rating and a $55.00 price objective on the stock. Sanford C. Bernstein began coverage on Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 price objective on the stock. Finally, Roth Mkm began coverage on Reddit in a report on Monday. They set a buy rating and a $50.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit has an average rating of Moderate Buy and a consensus price target of 49.20.

Reddit Price Performance

RDDT stock opened at 39.17 on Monday. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 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 value of 5,975,500.00. Following the transaction, 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 document filed with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of 32.30, for a total value 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 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 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 disclosure for this sale can be found here. Insiders have sold 1,084,798 shares of company stock valued at $35,038,975 in the last three months.

Institutional Inflows and Outflows

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) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund 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.