Reddit (NYSE:RDDT) Coverage Initiated by Analysts at The Goldman Sachs Group

Equities research analysts at The Goldman Sachs Group assumed coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday, Briefing.com reports. The brokerage set a “neutral” rating and a $40.00 price target on the stock.

RDDT has been the topic of several other reports. Needham & Company LLC started coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 price target on the stock. JMP Securities started coverage on shares of Reddit in a research note on Monday. They issued a “market outperform” rating and a $53.00 target price on the stock. Morgan Stanley initiated coverage on Reddit in a research report on Monday. They issued an “equal weight” rating and a $45.00 price target for the company. Sanford C. Bernstein initiated coverage on Reddit in a report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 price target for the company. Finally, Robert W. Baird assumed coverage on Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of 49.38.

Reddit Price Performance

Shares of RDDT stock opened at 42.27 on Monday. Reddit has a fifty-two week low of 41.72 and a fifty-two week high of 74.90.

Insider Buying and Selling

In other news, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were bought at an average price of 34.00 per share, with a total value of 102,000.00. Following the completion of the transaction, the director now directly owns 24,906 shares in the company, valued at 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David C. Habiger purchased 3,000 shares of the 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 completion of the transaction, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

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.