Reddit (NYSE:RDDT) Coverage Initiated at Bank of America

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

Several other research firms also recently weighed in on RDDT. Citigroup assumed coverage on Reddit in a research note on Monday. They set a “buy” rating and a $53.00 price target on the stock. Robert W. Baird started coverage on Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price target on the stock. Sanford C. Bernstein started coverage on Reddit in a report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 price objective for the company. The Goldman Sachs Group started coverage on Reddit in a report on Monday. They issued a “neutral” rating and a $40.00 price objective for the company. Finally, Loop Capital started coverage on Reddit in a report on Monday. They issued a “buy” rating and a $55.00 price objective for the company. One equities research 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 MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of 49.20.

Reddit Trading Down 4.8 %

Shares of RDDT stock opened at 39.17 on Tuesday. Reddit has a 1-year low of 38.70 and a 1-year high of 74.90.

Insider Buying and Selling 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 stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,033 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 97,965.90. Following the transaction, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 over the last quarter.

Hedge Funds Weigh In On Reddit

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