Piper Sandler Initiates Coverage on Reddit (NYSE:RDDT)

Equities researchers at Piper Sandler initiated coverage on shares of Reddit (NYSE:RDDT) in a research note issued on Monday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $50.00 price target on the stock.

RDDT has been the topic of several other reports. Roth Mkm started coverage on Reddit in a research report on Monday. They set a “buy” rating and a $50.00 target price on the stock. Robert W. Baird started coverage on Reddit in a report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 price objective on the stock. Sanford C. Bernstein started 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 started coverage on Reddit in a report on Monday. They issued a “buy” rating and a $55.00 price objective on the stock. Finally, New Street Research started 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 equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Trading Up 2.9 %

NYSE RDDT opened at 41.14 on Monday. Reddit has a twelve month low of 39.32 and a twelve month high of 74.90.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 transaction 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 approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 transaction 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 approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction that occurred on 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 disclosure for this sale can be found here. In the last ninety days, insiders have 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 acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 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.