Reddit (NYSE:RDDT) Now Covered by Analysts at Raymond James

Raymond James began coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm issued a strong-buy rating and a $50.00 price objective on the stock.

Several other research firms also recently weighed in on RDDT. Roth Mkm began coverage on shares of Reddit in a research note on Monday. They set a buy rating and a $50.00 price target for the company. Robert W. Baird began coverage on shares of Reddit in a research note on Thursday, April 4th. They set a neutral rating and a $50.00 price target for the company. New Street Research began coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a neutral rating and a $54.00 price target for the company. JPMorgan Chase & Co. began coverage on shares of Reddit in a research note on Monday. They issued a neutral rating and a $47.00 price objective for the company. Finally, Morgan Stanley began coverage on shares of Reddit in a research note on Monday. They issued an equal weight rating and a $45.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has a consensus rating of Moderate Buy and a consensus price target of 49.38.

Reddit Trading Down 5.4 %

Shares of NYSE:RDDT opened at 40.00 on Monday. Reddit has a 1 year low of 39.68 and a 1 year high of 74.90.

Insider Activity

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 bought at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the acquisition, the director now owns 24,906 shares in the company, valued at 846,804. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 shares of the company’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 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at 22,942,883.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David C. Habiger purchased 3,000 shares of the stock in a transaction on 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 acquisition, the director now owns 24,906 shares of the company’s stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders have sold 1,084,798 shares of company stock valued at $35,038,975 over the last ninety 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.