Reddit (NYSE:RDDT) Coverage Initiated by Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Reddit (NYSE:RDDT) in a research note released on Monday morning, Marketbeat.com reports. The brokerage issued a neutral rating and a $47.00 price objective on the stock.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC started coverage on Reddit in a research note on Monday. They set a buy rating and a $55.00 price target on the stock. Robert W. Baird began coverage on Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 target price on the stock. Sanford C. Bernstein began coverage on Reddit in a research note on Thursday, April 4th. They issued an underperform rating and a $40.00 target price on the stock. Finally, New Street Research began coverage on Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 target price on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of 49.20.

Reddit Trading Down 4.8 %

Shares of NYSE:RDDT opened at 39.17 on Monday. Reddit has a 12 month low of 38.70 and a 12 month high of 74.90.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 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 value of 5,975,500.00. Following the completion of the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 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 approximately 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the company’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 97,965.90. Following the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The disclosure for this sale can be found here. In the last three months, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 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.