Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at Citigroup

Citigroup initiated coverage on shares of Reddit (NYSE:RDDT) in a research report sent to investors on Monday morning, Marketbeat reports. The brokerage issued a buy rating and a $53.00 price target on the stock.

Several other analysts also recently commented on the stock. Needham & Company LLC began coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 target price for the company. Morgan Stanley began coverage on shares of Reddit in a report on Monday. They set an equal weight rating and a $45.00 price objective for the company. Raymond James began coverage on shares of Reddit in a report on Monday. They set a strong-buy rating and a $50.00 price objective for the company. JPMorgan Chase & Co. began coverage on shares of Reddit in a report on Monday. They set a neutral rating and a $47.00 price objective for the company. Finally, Sanford C. Bernstein began coverage on shares of Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 price objective for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of 49.20.

Reddit Trading Down 4.8 %

RDDT stock opened at 39.17 on Monday. Reddit has a 12 month low of 38.70 and a 12 month high of 74.90.

Insider Activity at Reddit

In related news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at 846,804. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Reddit news, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was bought at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now owns 24,906 shares in the company, valued at approximately 846,804. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the 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 transaction, 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. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last ninety days.

Hedge Funds Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent 13F filing with the SEC. 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.