Reddit (NYSE:RDDT) Research Coverage Started at Needham & Company LLC

Equities researchers at Needham & Company LLC initiated coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday, MarketBeat.com reports. The firm set a “buy” rating and a $55.00 price target on the stock.

Several other analysts have also issued reports on RDDT. Sanford C. Bernstein initiated coverage on shares of Reddit in a research report on Thursday, April 4th. They issued an “underperform” rating and a $40.00 price target on the stock. New Street Research started coverage on shares of Reddit in a report on Tuesday, March 26th. They set a “neutral” rating and a $54.00 target price on the stock. Finally, Robert W. Baird assumed coverage on Reddit in a report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of 49.38.

Reddit Stock Down 5.1 %

Shares of Reddit stock opened at 42.27 on Monday. Reddit has a 52-week low of 41.72 and a 52-week high of 74.90.

Insider Buying and Selling

In other Reddit news, Director David C. Habiger purchased 3,000 shares of the stock in a transaction on Monday, March 25th. The shares were purchased at an average price of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David C. Habiger bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was 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 of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last ninety days.

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.