Reddit (NYSE:RDDT) Now Covered by Morgan Stanley

Morgan Stanley initiated coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Monday, Marketbeat Ratings reports. The brokerage issued an equal weight rating and a $45.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the stock. New Street Research started coverage on shares of Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target for the company. Roth Mkm started coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $50.00 price target for the company. Piper Sandler started coverage on shares of Reddit in a research note on Monday. They issued an overweight rating and a $50.00 price target for the company. JMP Securities assumed coverage on shares of Reddit in a research note on Monday. They issued an outperform rating and a $53.00 price target for the company. Finally, Needham & Company LLC assumed coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $55.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of 49.20.

Reddit Stock Down 4.8 %

Reddit stock opened at 39.17 on Monday. Reddit has a 1-year low of 38.70 and a 1-year high of 74.90.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger purchased 3,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price 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. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last three months.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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.