Reddit (NYSE:RDDT) Receives New Coverage from Analysts at JMP Securities

JMP Securities started coverage on shares of Reddit (NYSE:RDDT) in a research report issued on Monday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $53.00 price target on the stock.

Several other research firms have also weighed in on RDDT. New Street Research assumed coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a “neutral” rating and a $54.00 target price for the company. Sanford C. Bernstein assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set an “underperform” rating and a $40.00 target price for the company. Piper Sandler assumed coverage on shares of Reddit in a research note on Monday. They set an “overweight” rating and a $50.00 target price for the company. JPMorgan Chase & Co. assumed coverage on shares of Reddit in a research note on Monday. They set a “neutral” rating and a $47.00 target price for the company. Finally, Needham & Company LLC assumed coverage on shares of Reddit in a research report on Monday. They set a “buy” rating and a $55.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of 49.38.

Reddit Trading Down 3.2 %

RDDT stock traded down 1.36 during trading on Monday, hitting 40.91. 2,058,150 shares of the company’s stock traded hands, compared to its average volume of 9,963,020. Reddit has a 52 week low of 39.68 and a 52 week high of 74.90.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the company’s stock in a transaction dated 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 owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the company’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 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 approximately 22,942,883.80. 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 90 days.

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.