Raymond James Initiates Coverage on Reddit (NYSE:RDDT)

Raymond James initiated coverage on shares of Reddit (NYSE:RDDT) in a research report released on Monday morning, MarketBeat reports. The firm issued a strong-buy rating and a $50.00 target price on the stock.

A number of other research firms have also weighed in on RDDT. Roth Mkm began coverage on shares of Reddit in a report on Monday. They issued a buy rating and a $50.00 target price on the stock. Needham & Company LLC began coverage on shares of Reddit in a report on Monday. They issued a buy rating and a $55.00 target price on the stock. Morgan Stanley began coverage on shares of Reddit in a report on Monday. They issued an equal weight rating and a $45.00 target price on the stock. Robert W. Baird began coverage on shares of Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 target price on the stock. Finally, Piper Sandler began coverage on shares of Reddit in a report on Monday. They issued an overweight rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of 49.20.

Reddit Stock Performance

Shares of NYSE RDDT opened at 39.17 on Monday. Reddit has a 1-year low of 38.70 and a 1-year high of 74.90.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 71,765 shares of the firm’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 transaction of 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares in the company, valued at approximately 22,017,618. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 5,975,500.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Andrew Vollero sold 71,765 shares of the firm’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 2,318,009.50. Following the completion of the transaction, the chief financial officer now directly owns 681,660 shares of the company’s stock, valued at 22,017,618. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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.