New Street Research Begins Coverage on Reddit (NYSE:RDDT)

New Street Research initiated coverage on shares of Reddit (NYSE:RDDT) in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $54.00 price objective on the stock.

Reddit Trading Down 14.6 %

Shares of NYSE:RDDT opened at 49.32 on Tuesday. Reddit has a fifty-two week low of 45.05 and a fifty-two week high of 74.90.

Insider Activity

In related 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 completion of the sale, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director David C. Habiger acquired 3,000 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the purchase, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of 5,975,500.00. Following the completion of the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 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.

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.