Reddit (NYSE:RDDT) Receives New Coverage from Analysts at Bank of America

Bank of America started coverage on shares of Reddit (NYSE:RDDT) in a report published on Tuesday, Marketbeat reports. The firm issued a neutral rating and a $46.00 price target on the stock.

RDDT has been the topic of several other research reports. JMP Securities initiated coverage on Reddit in a research report on Monday. They issued an outperform rating and a $53.00 price objective on the stock. Piper Sandler initiated coverage on Reddit in a research report on Monday. They issued an overweight rating and a $50.00 price objective 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 objective on the stock. New Street Research initiated coverage on Reddit in a research report on Tuesday, March 26th. They issued a neutral rating and a $54.00 price objective on the stock. Finally, Citigroup initiated coverage on Reddit in a research report on Monday. They set a buy rating and a $53.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Trading Up 2.9 %

Reddit stock opened at 41.14 on Tuesday. Reddit has a 12 month low of 39.32 and a 12 month high of 74.90.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David C. Habiger acquired 3,000 shares of the firm’s stock in a transaction on Monday, March 25th. The stock was purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the acquisition, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Trading of Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent disclosure with the SEC. The firm bought 5,664 shares of the company’s stock, valued at approximately $279,000.

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.