Reddit (NYSE:RDDT) Earns Neutral Rating from Analysts at Bank of America

Bank of America assumed coverage on shares of Reddit (NYSE:RDDT) in a report issued on Tuesday, MarketBeat.com reports. The brokerage issued a neutral rating and a $46.00 target price on the stock.

RDDT has been the subject of several other research reports. Robert W. Baird began coverage on shares of Reddit in a research report on Thursday, April 4th. They set a neutral rating and a $50.00 price target for the company. New Street Research initiated coverage on Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 price target for the company. Needham & Company LLC started coverage on Reddit in a research report on Monday, April 15th. They set a buy rating and a $55.00 price objective on the stock. Morgan Stanley assumed coverage on Reddit in a report on Monday, April 15th. They issued an equal weight rating and a $45.00 price objective for the company. Finally, Raymond James initiated coverage on shares of Reddit in a research note on Monday, April 15th. They set a strong-buy rating and a $50.00 target price on the stock. One analyst has rated the stock with a sell rating, six have given 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, Reddit has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Price Performance

NYSE:RDDT opened at 40.88 on Tuesday. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 74.90.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the business’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 16,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at approximately 22,942,883.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 185,000 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 transaction of 5,975,500.00. Following the completion of the sale, the chief technology officer now directly owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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.