Reddit (NYSE:RDDT) Shares Gap Down to $41.72

Shares of Reddit, Inc. (NYSE:RDDT) gapped down before the market opened on Friday . The stock had previously closed at 41.72, but opened at 40.57. Reddit shares last traded at 42.88, with a volume of 404,313 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Robert W. Baird assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 target price for the company. Raymond James assumed coverage on shares of Reddit in a research note on Monday. They set a “strong-buy” rating and a $50.00 target price for the company. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Reddit in a research note on Tuesday. They issued a “buy” rating and a $50.00 price objective for the company. Needham & Company LLC assumed coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 price objective for the company. Finally, Roth Capital restated a “buy” rating on shares of Reddit in a research note on Monday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Trading Up 4.2 %

Insider Activity

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated Monday, March 25th. The shares were 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 directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 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.