Reddit, Inc.’s Quiet Period To Expire Tomorrow (NYSE:RDDT)

Reddit’s (NYSE:RDDT) quiet period will end on Tuesday, April 30th. Reddit had issued 22,000,000 shares in its IPO on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. During Reddit’s quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. New Street Research assumed coverage on shares of Reddit in a research report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 target price for the company. Loop Capital started coverage on Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $55.00 target price on the stock. JMP Securities assumed coverage on Reddit in a research report on Monday, April 15th. They set an “outperform” rating and a $53.00 target price for the company. JPMorgan Chase & Co. began coverage on Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target for the company. Finally, Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average target price of 49.20.

Reddit Stock Performance

RDDT opened at 45.43 on Monday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insider Activity

In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the company’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 2,318,009.50. Following the completion of the transaction, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now directly owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Andrew Vollero sold 71,765 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 2,318,009.50. Following the completion of the transaction, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last three months.

Institutional Trading of Reddit

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. acquired a new position in Reddit during the first quarter worth $2,057,000. Seven Grand Managers LLC bought a new stake in shares of Reddit in the 1st quarter valued at about $986,000. Congress Park Capital LLC acquired a new stake in Reddit in the 1st quarter valued at about $279,000. Finally, Global Retirement Partners LLC bought a new position in Reddit during the first quarter worth about $27,000.

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.