Reddit (NYSE:RDDT) Coverage Initiated by Analysts at Needham & Company LLC

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 issued a buy rating and a $55.00 price target on the stock.

A number of other analysts have also recently commented on the stock. Robert W. Baird initiated coverage on shares of Reddit in a research note on Thursday, April 4th. They issued a neutral rating and a $50.00 target price for the company. Sanford C. Bernstein initiated coverage on shares of Reddit in a research note on Thursday, April 4th. They issued an underperform rating and a $40.00 target price for the company. Finally, New Street Research began coverage on shares of Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of 49.38.

Reddit Price Performance

RDDT stock opened at 40.00 on Monday. Reddit has a 52 week low of 39.68 and a 52 week high of 74.90.

Insider Activity at Reddit

In other news, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the purchase, the director now directly owns 24,906 shares in the company, valued at approximately 846,804. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Andrew Vollero sold 71,765 shares of the business’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 2,318,009.50. Following the completion of the sale, the chief financial officer now owns 681,660 shares of the company’s stock, valued at approximately 22,017,618. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David C. Habiger purchased 3,000 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average cost of 34.00 per share, with a total value of 102,000.00. Following the acquisition, the director now owns 24,906 shares in the company, 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 in the last three months.

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.