Reddit (NYSE:RDDT) Research Coverage Started at Bank of America

Bank of America initiated coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Tuesday morning, MarketBeat Ratings reports. The firm issued a neutral rating and a $46.00 price objective on the stock.

RDDT has been the subject of a number of other reports. Roth Mkm started coverage on Reddit in a research report on Monday, April 15th. They issued a buy rating and a $50.00 price target for the company. Piper Sandler started coverage on Reddit in a research note on Monday, April 15th. They issued an overweight rating and a $50.00 target price for the company. Loop Capital began coverage on shares of Reddit in a research report on Monday, April 15th. They set a buy rating and a $55.00 price target on the stock. Raymond James initiated coverage on shares of Reddit in a research report on Monday, April 15th. They set a strong-buy rating and a $50.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit in a report on Tuesday. They issued a buy rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued 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 an average target price of 49.20.

Reddit Stock Performance

Shares of NYSE RDDT opened at 40.88 on Tuesday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’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 value of 16,150,000.00. Following the completion of the transaction, the chief executive officer now owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 in the company, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock valued at $35,038,975 over the last quarter.

Hedge Funds Weigh In On Reddit

An institutional investor recently bought a new position 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 disclosure with the Securities & Exchange Commission. The institutional investor acquired 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.