Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit (NYSE:RDDT) in a research note released on Tuesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $50.00 price objective on the stock.

Several other analysts have also commented on the company. Citigroup began coverage on Reddit in a report on Monday. They set a buy rating and a $53.00 price objective for the company. Sanford C. Bernstein began coverage on Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 price objective for the company. Loop Capital began coverage on Reddit in a report on Monday. They set a buy rating and a $55.00 price objective for the company. JPMorgan Chase & Co. started coverage on Reddit in a report on Monday. They set a neutral rating and a $47.00 price objective for the company. Finally, The Goldman Sachs Group started coverage on Reddit in a research report on Monday. They issued a neutral rating and a $40.00 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. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of 49.20.

Reddit Stock Performance

Shares of RDDT opened at 41.72 on Tuesday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 71,765 shares of the firm’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 2,318,009.50. Following the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at approximately 22,017,618. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’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 97,965.90. Following the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Vollero sold 71,765 shares of the firm’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 2,318,009.50. Following the completion of the transaction, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new position in Reddit, Inc. (NYSE:RDDT) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm bought 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.