Reddit, Inc.’s Quiet Period Set To Expire on April 30th (NYSE:RDDT)

Reddit’s (NYSE:RDDT) quiet period will expire on Tuesday, April 30th. Reddit had issued 22,000,000 shares in its initial public offering on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. During Reddit’s quiet period, insiders and any underwriters that worked on the IPO are prevented from issuing any research reports for the company because of SEC regulations. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of Reddit in a research report on Monday, April 15th. They issued an “overweight” rating and a $50.00 target price for the company. Robert W. Baird assumed coverage on shares of Reddit in a research report on Thursday, April 4th. They issued a “neutral” rating and a $50.00 target price for the company. The Goldman Sachs Group assumed coverage on shares of Reddit in a research report on Monday, April 15th. They issued a “neutral” rating and a $40.00 target price for the company. Loop Capital assumed coverage on shares of Reddit in a research report on Monday, April 15th. They issued a “buy” rating and a $55.00 target price for the company. Finally, Raymond James assumed coverage on shares of Reddit in a research report on Monday, April 15th. They issued a “strong-buy” rating and a $50.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of 49.20.

Reddit Price Performance

RDDT stock opened at 43.15 on Thursday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insider Transactions at Reddit

In related news, Director David C. Habiger bought 3,000 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was purchased at an average price 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 of the company’s stock, valued at 846,804. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Michelle Marie Reynolds sold 3,033 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David C. Habiger acquired 3,000 shares of the stock in a transaction dated Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, with a total value of 102,000.00. Following the purchase, the director now directly owns 24,906 shares of the company’s stock, valued at 846,804. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Trading of Reddit

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RDDT. Congress Park Capital LLC acquired a new stake in Reddit during the 1st quarter valued at approximately $279,000. Raymond James Financial Services Advisors Inc. acquired a new stake in Reddit during the 1st quarter valued at approximately $2,057,000. Seven Grand Managers LLC acquired a new stake in Reddit during the 1st quarter valued at approximately $986,000. Finally, Global Retirement Partners LLC acquired a new stake in Reddit during the 1st quarter valued at approximately $27,000.

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.