Morgan Stanley Initiates Coverage on Reddit (NYSE:RDDT)

Morgan Stanley initiated coverage on shares of Reddit (NYSE:RDDT) in a report issued on Monday, MarketBeat Ratings reports. The firm issued an equal weight rating and a $45.00 price objective on the stock.

Several other analysts also recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Reddit in a research note on Monday. They issued a neutral rating and a $47.00 price target for the company. Piper Sandler initiated coverage on shares of Reddit in a research note on Monday. They set an overweight rating and a $50.00 price objective on the stock. JMP Securities initiated coverage on shares of Reddit in a research report on Monday. They set an outperform rating and a $53.00 price target on the stock. Roth Mkm assumed coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $50.00 price objective for the company. Finally, Needham & Company LLC began coverage on Reddit in a report on Monday. They issued a buy rating and a $55.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Up 6.5 %

Shares of RDDT stock opened at 41.72 on Monday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 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 97,965.90. Following the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David C. Habiger purchased 3,000 shares of Reddit stock in a transaction 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 completion of the acquisition, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders have sold 1,084,798 shares of company stock valued at $35,038,975 in the last ninety days.

Institutional Investors 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) in the 1st quarter, according to its most recent Form 13F filing with the Securities & 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.