Morgan Stanley Begins Coverage on Reddit (NYSE:RDDT)

Morgan Stanley started coverage on shares of Reddit (NYSE:RDDT) in a research note published on Monday, Marketbeat.com reports. The firm issued an equal weight rating and a $45.00 price target on the stock.

Several other research analysts have also weighed in on the stock. JMP Securities started coverage on shares of Reddit in a research note on Monday. They set an outperform rating and a $53.00 price objective on the stock. Needham & Company LLC initiated coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $55.00 price target on the stock. JPMorgan Chase & Co. initiated coverage on shares of Reddit in a research note on Monday. They issued a neutral rating and a $47.00 price target on the stock. Robert W. Baird initiated coverage on shares of Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 price target on the stock. Finally, Sanford C. Bernstein initiated coverage on shares of Reddit in a research note on Thursday, April 4th. They issued an underperform rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of Moderate Buy and an average target price of 49.20.

Reddit Stock Performance

Reddit stock opened at 39.17 on Monday. Reddit has a fifty-two week low of 38.70 and a fifty-two week high of 74.90.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Steve Ladd Huffman sold 500,000 shares of the company’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 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 5,975,500.00. Following the sale, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 in the last quarter.

Institutional Trading of Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent disclosure with the 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.