Reddit (NYSE:RDDT) Research Coverage Started at JPMorgan Chase & Co.

JPMorgan Chase & Co. began coverage on shares of Reddit (NYSE:RDDT) in a research report released on Monday morning, Marketbeat reports. The firm issued a neutral rating and a $47.00 price objective on the stock.

RDDT has been the topic of a number of other research reports. Sanford C. Bernstein assumed coverage on Reddit in a report on Thursday, April 4th. They issued an underperform rating and a $40.00 price objective on the stock. Needham & Company LLC assumed coverage on Reddit in a report on Monday. They issued a buy rating and a $55.00 price objective on the stock. Robert W. Baird assumed coverage on Reddit in a report on Thursday, April 4th. They issued a neutral rating and a $50.00 price objective on the stock. Finally, New Street Research assumed coverage on Reddit in a report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of 49.20.

Reddit Price Performance

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

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the 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 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the 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 16,150,000.00. Following the completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David C. Habiger purchased 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the acquisition, the director now directly owns 24,906 shares in the company, valued at 846,804. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 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.