JMP Securities Initiates Coverage on Reddit (NYSE:RDDT)

JMP Securities assumed coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday morning, Marketbeat reports. The firm issued an outperform rating and a $53.00 price objective on the stock.

A number of other research analysts have also commented on RDDT. New Street Research started coverage on Reddit in a report on Tuesday, March 26th. They set a neutral rating and a $54.00 price target on the stock. Piper Sandler began coverage on shares of Reddit in a report on Monday. They set an overweight rating and a $50.00 price target for the company. Needham & Company LLC began coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $55.00 price objective on the stock. Sanford C. Bernstein initiated coverage on Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 price target for the company. Finally, Roth Mkm started coverage on Reddit in a report on Monday. They set a buy rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Stock Up 6.5 %

Shares of NYSE:RDDT opened at 41.72 on Monday. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Insider Buying and Selling

In related news, Director David C. Habiger purchased 3,000 shares of the stock in a transaction dated Monday, March 25th. The stock was bought at an average cost of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 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 value of 16,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last three months.

Institutional Inflows and Outflows

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) during the first quarter, according to the company in its most recent 13F filing 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.