Reddit, Inc.’s (NYSE:RDDT) Quiet Period Will End on April 30th

Reddit’s (NYSE:RDDT) quiet period will end on Tuesday, April 30th. Reddit had issued 22,000,000 shares in its IPO on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. During Reddit’s quiet period, underwriters and any insiders that worked on the IPO are restricted from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analyst Upgrades and Downgrades

RDDT has been the subject of several research reports. Robert W. Baird initiated coverage on Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 target price for the company. Sanford C. Bernstein started coverage on shares of Reddit in a report on Thursday, April 4th. They set an “underperform” rating and a $40.00 target price for the company. The Goldman Sachs Group initiated coverage on Reddit in a report on Monday, April 15th. They issued a “neutral” rating and a $40.00 price target on the stock. Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Finally, Morgan Stanley began coverage on Reddit in a report on Monday, April 15th. They issued an “equal weight” rating and a $45.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Price Performance

NYSE RDDT opened at 45.43 on Friday. Reddit has a 52-week low of 37.35 and a 52-week high of 74.90.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s 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 in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 transaction of 97,965.90. Following the completion of 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction dated 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 sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 in the last quarter.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in Reddit in the first quarter worth $27,000. Seven Grand Managers LLC bought a new stake in shares of Reddit during the 1st quarter worth about $986,000. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Reddit during the 1st quarter worth about $2,057,000. Finally, Congress Park Capital LLC acquired a new position in shares of Reddit during the 1st quarter valued at about $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.