Reddit (NYSE:RDDT) Trading Up 7.1%

Reddit, Inc. (NYSE:RDDT)’s stock price was up 7.1% during mid-day trading on Friday . The company traded as high as 46.13 and last traded at 45.46. Approximately 1,284,774 shares traded hands during trading, a decline of 82% from the average daily volume of 7,086,470 shares. The stock had previously closed at 42.45.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on RDDT shares. Sanford C. Bernstein started coverage on Reddit in a research note on Thursday, April 4th. They set an “underperform” rating and a $40.00 price objective for the company. JMP Securities initiated coverage on Reddit in a research note on Monday, April 15th. They set an “outperform” rating and a $53.00 price objective for the company. Citigroup initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “buy” rating and a $53.00 price target for the company. Bank of America initiated coverage on Reddit in a research note on Tuesday, April 16th. They issued a “neutral” rating and a $46.00 price target for the company. Finally, JPMorgan Chase & Co. initiated coverage on Reddit in a research note on Monday, April 15th. They issued a “neutral” rating and a $47.00 price target for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of 49.20.

Reddit Stock Performance

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit 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 97,965.90. Following the completion of the transaction, the chief accounting officer now directly owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’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 value of 97,965.90. Following the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 71,765 shares of the firm’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 2,318,009.50. Following the completion of the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. 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 over the last three months.

Institutional Trading of Reddit

Several institutional investors have recently bought and sold shares of RDDT. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Reddit in the first quarter worth approximately $2,057,000. Seven Grand Managers LLC acquired a new stake in shares of Reddit in the first quarter worth approximately $986,000. Congress Park Capital LLC acquired a new stake in shares of Reddit in the first quarter worth approximately $279,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Reddit in the first quarter worth approximately $27,000.

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.