Reddit (NYSE:RDDT) Now Covered by Analysts at The Goldman Sachs Group

The Goldman Sachs Group started coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Monday, Marketbeat.com reports. The firm issued a neutral rating and a $40.00 price target on the stock.

A number of other research analysts also recently weighed in on the stock. Roth Mkm began coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $50.00 price objective for the company. Raymond James began coverage on shares of Reddit in a research report on Monday. They issued a strong-buy rating and a $50.00 price objective for the company. Needham & Company LLC began coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 price objective for the company. Loop Capital began coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 price objective for the company. Finally, JMP Securities began coverage on shares of Reddit in a research report on Monday. They issued an outperform rating and a $53.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of 49.20.

Reddit Price Performance

NYSE RDDT opened at 41.72 on Monday. Reddit has a 1 year low of 37.35 and a 1 year high of 74.90.

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now owns 24,906 shares in the company, valued at 846,804. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Hedge Funds Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during 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.

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.