Reddit, Inc. (NYSE:RDDT – Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at 41.72, but opened at 40.57. Reddit shares last traded at 42.88, with a volume of 404,313 shares trading hands.
Analysts Set New Price Targets
A number of research analysts have commented on RDDT shares. JPMorgan Chase & Co. started coverage on shares of Reddit in a research note on Monday. They issued a “neutral” rating and a $47.00 price objective on the stock. JMP Securities started coverage on shares of Reddit in a research note on Monday. They issued an “outperform” rating and a $53.00 price objective on the stock. Morgan Stanley started coverage on shares of Reddit in a research note on Monday. They issued an “equal weight” rating and a $45.00 price objective on the stock. Robert W. Baird assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They issued a “neutral” rating and a $50.00 price objective on the stock. Finally, Raymond James assumed coverage on shares of Reddit in a research note on Monday. They set a “strong-buy” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of 49.20.
Insiders Place Their Bets
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 transaction of 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’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 5,975,500.00. Following the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was acquired at an average cost 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 disclosure for this purchase can be found here. Insiders have sold a total of 1,084,798 shares of company stock valued at $35,038,975 over the last quarter.
Hedge Funds 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 – Free Report) during the first quarter, according to the company in its most recent Form 13F 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.
