Reddit (NYSE:RDDT) Earns Outperform Rating from Analysts at JMP Securities

JMP Securities initiated coverage on shares of Reddit (NYSE:RDDT) in a research note released on Monday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $53.00 price objective on the stock.

A number of other equities research analysts have also recently weighed in on RDDT. Needham & Company LLC began coverage on shares of Reddit in a research report on Monday. They set a buy rating and a $55.00 price target for the company. Roth Mkm began coverage on shares of Reddit in a research note on Monday. They set a buy rating and a $50.00 target price on the stock. 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 target price on the stock. JPMorgan Chase & Co. began coverage on shares of Reddit in a research note on Monday. They set a neutral rating and a $47.00 target price on the stock. Finally, Piper Sandler began coverage on shares of Reddit in a research note on Monday. They set an overweight rating and a $50.00 target price on the stock. 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 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 an average price target of 49.38.

Reddit Price Performance

Shares of 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 news, CTO Christopher Brian Slowe sold 185,000 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 5,975,500.00. Following the completion of the transaction, the chief technology officer now owns 413,684 shares in the company, valued at approximately 13,361,993.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Andrew Vollero sold 71,765 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 2,318,009.50. Following the completion of the transaction, the chief financial officer now owns 681,660 shares in the company, valued at approximately 22,017,618. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 5,975,500.00. Following the sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,084,798 shares of company stock worth $35,038,975.

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.