Needham & Company LLC Begins Coverage on Reddit (NYSE:RDDT)

Needham & Company LLC began coverage on shares of Reddit (NYSE:RDDT) in a research note published on Monday, MarketBeat Ratings reports. The brokerage issued a buy rating and a $55.00 price target on the stock.

RDDT has been the subject of a number of other research reports. New Street Research started coverage on Reddit in a report on Tuesday, March 26th. They set a neutral rating and a $54.00 target price for the company. Robert W. Baird started coverage on Reddit in a report on Thursday, April 4th. They set a neutral rating and a $50.00 target price for the company. Finally, Sanford C. Bernstein started coverage on Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of 49.20.

Reddit Stock Down 4.8 %

RDDT stock opened at 39.17 on Monday. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insider Activity

In related news, CFO Andrew Vollero sold 71,765 shares of the business’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 value of 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares in the company, valued at approximately 22,017,618. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the business’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 value of 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 71,765 shares of the business’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 value of 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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.