Citigroup Begins Coverage on Reddit (NYSE:RDDT)

Citigroup initiated coverage on shares of Reddit (NYSE:RDDT) in a research report released on Monday, MarketBeat.com reports. The firm issued a buy rating and a $53.00 price target on the stock.

A number of other analysts also recently issued reports on RDDT. JPMorgan Chase & Co. began coverage on shares of Reddit in a report on Monday. They issued a neutral rating and a $47.00 price objective on the stock. Raymond James began coverage on shares of Reddit in a report on Monday. They issued a strong-buy rating and a $50.00 price objective on the stock. Robert W. Baird assumed coverage on shares of Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 price objective on the stock. The Goldman Sachs Group assumed coverage on shares of Reddit in a research note on Monday. They issued a neutral rating and a $40.00 target price for the company. Finally, Roth Mkm assumed coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $50.00 target price for the company. One investment 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 stock has an average rating of Moderate Buy and a consensus price target of 49.20.

Reddit Stock Down 4.8 %

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.

Insiders Place Their Bets

In related news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction 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 transaction, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a document filed with the SEC, which is available through this link. In related news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction 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 transaction, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction 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 sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 over the last ninety days.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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.