Reddit (NYSE:RDDT) Now Covered by Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Reddit (NYSE:RDDT) in a research note released on Monday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $40.00 price objective on the stock.

Other equities research analysts have also issued reports about the stock. Loop Capital assumed coverage on shares of Reddit in a report on Monday. They set a buy rating and a $55.00 price target for the company. Sanford C. Bernstein initiated coverage on shares of Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 price objective on the stock. Roth Mkm initiated coverage on shares of Reddit in a research note on Monday. They set a buy rating and a $50.00 price objective on the stock. JMP Securities initiated 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. Finally, Raymond James initiated coverage on shares of Reddit in a research note on Monday. They set a strong-buy rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has an average rating of Moderate Buy and an average target price of 49.20.

Reddit Stock Up 6.5 %

RDDT opened at 41.72 on Monday. Reddit has a twelve month low of 37.35 and a twelve month high of 74.90.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 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 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the 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 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 filing with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated 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 sale, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. In the last three months, insiders have 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 bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to the company in 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.