Reddit (NYSE:RDDT) Now Covered by Piper Sandler

Piper Sandler assumed coverage on shares of Reddit (NYSE:RDDT) in a research report released on Monday, Marketbeat reports. The firm issued an overweight rating and a $50.00 price objective on the stock.

A number of other brokerages have also commented on RDDT. Needham & Company LLC assumed coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 price objective on the stock. Roth Mkm began coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $50.00 price target on the stock. Sanford C. Bernstein assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 price objective for the company. Robert W. Baird assumed coverage on Reddit in a research report on Thursday, April 4th. They issued a neutral rating and a $50.00 target price on the stock. Finally, New Street Research began coverage on Reddit in a research report on Tuesday, March 26th. They set a neutral rating and a $54.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of 49.20.

Reddit Trading Up 6.5 %

NYSE RDDT opened at 41.72 on Monday. Reddit has a 52 week low of 37.35 and a 52 week high of 74.90.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit 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 completion of the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 transaction of 16,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last three months, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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.