Reddit (NYSE:RDDT) Hits New 52-Week Low at $39.68

Reddit, Inc. (NYSE:RDDT) reached a new 52-week low on Tuesday . The company traded as low as 39.68 and last traded at 40.00, with a volume of 3448500 shares trading hands. The stock had previously closed at 42.27.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on RDDT shares. Needham & Company LLC started coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 target price on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Reddit in a research report on Tuesday. They issued a “buy” rating and a $50.00 price target on the stock. Citigroup started coverage on shares of Reddit in a research report on Monday. They issued a “buy” rating and a $53.00 price target on the stock. Morgan Stanley started coverage on shares of Reddit in a research report on Monday. They issued an “equal weight” rating and a $45.00 price target on the stock. Finally, Sanford C. Bernstein started 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. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Trading Down 4.8 %

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 5,975,500.00. Following the transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 500,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 710,306 shares in the company, valued at 22,942,883.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 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.