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

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

RDDT has been the topic of several other reports. The Goldman Sachs Group assumed coverage on Reddit in a research note on Monday. They set a neutral rating and a $40.00 price target on the stock. Morgan Stanley began coverage on shares of Reddit in a research report on Monday. They issued an equal weight rating and a $45.00 price objective for the company. Loop Capital initiated coverage on shares of Reddit in a research note on Monday. They issued a buy rating and a $55.00 target price on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Reddit in a report on Tuesday. They issued a buy rating and a $50.00 price objective on the stock. Finally, Roth Mkm assumed coverage on shares of Reddit in a report on Monday. They issued a buy rating and a $50.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of 49.20.

Reddit Stock Up 6.5 %

NYSE RDDT opened at 41.72 on Tuesday. Reddit has a 12-month low of 37.35 and a 12-month high of 74.90.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the company’s 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 16,150,000.00. Following the transaction, the chief executive officer now directly owns 710,306 shares in the company, valued at 22,942,883.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The disclosure for this sale 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 three months.

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 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.