Reddit (NYSE:RDDT) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC assumed coverage on shares of Reddit (NYSE:RDDT) in a report published on Monday, Marketbeat reports. The brokerage issued a buy rating and a $55.00 price objective on the stock.

Other analysts have also issued research reports about the company. Robert W. Baird assumed coverage on Reddit in a report on Thursday, April 4th. They set a neutral rating and a $50.00 price target for the company. New Street Research started coverage on Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 price objective for the company. Finally, Sanford C. Bernstein started coverage on Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of 49.20.

Reddit Trading Up 6.5 %

NYSE:RDDT opened at 41.72 on Monday. Reddit has a 52-week low of 37.35 and a 52-week high of 74.90.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 71,765 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 value of 2,318,009.50. Following the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Andrew Vollero sold 71,765 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 value of 2,318,009.50. Following the transaction, the chief financial officer now owns 681,660 shares of the company’s stock, valued at 22,017,618. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction on Monday, March 25th. The shares were bought at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 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.