Reddit (NYSE:RDDT) Research Coverage Started at Raymond James

Raymond James assumed coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, Marketbeat.com reports. The brokerage issued a strong-buy rating and a $50.00 target price on the stock.

Other research analysts also recently issued research reports about the company. New Street Research began coverage on Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target on the stock. Needham & Company LLC began coverage on Reddit in a research note on Monday. They issued a buy rating and a $55.00 price target on the stock. Robert W. Baird began coverage on Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 price target on the stock. Roth Mkm began coverage on Reddit in a research note on Monday. They issued a buy rating and a $50.00 price target on the stock. Finally, JMP Securities began coverage on Reddit in a research note on Monday. They issued an outperform rating and a $53.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit has a consensus rating of Moderate Buy and a consensus price target of 49.20.

Reddit Stock Performance

NYSE:RDDT opened at 39.17 on Monday. Reddit has a 52-week low of 38.70 and a 52-week high of 74.90.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Michelle Marie Reynolds sold 3,033 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 97,965.90. Following the completion of the sale, the chief accounting officer now directly owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 price of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, 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. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last quarter.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 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.