Reddit (NYSE:RDDT) Now Covered by Raymond James

Raymond James assumed coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, MarketBeat reports. The brokerage issued a strong-buy rating and a $50.00 price objective on the stock.

A number of other brokerages also recently commented on RDDT. Morgan Stanley assumed coverage on shares of Reddit in a research note on Monday. They set an equal weight rating and a $45.00 target price for the company. Robert W. Baird assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set a neutral rating and a $50.00 target price for the company. Needham & Company LLC assumed coverage on shares of Reddit in a research note on Monday. They set a buy rating and a $55.00 target price for the company. Sanford C. Bernstein assumed coverage on shares of Reddit in a research note on Thursday, April 4th. They set an underperform rating and a $40.00 target price for the company. Finally, JMP Securities began coverage on shares of Reddit in a research note on Monday. They set an outperform rating and a $53.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has a consensus rating of Moderate Buy and a consensus target price of 49.38.

Reddit Price Performance

Shares of RDDT stock opened at 40.00 on Monday. Reddit has a 12 month low of 39.68 and a 12 month high of 74.90.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated 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 completion of the sale, the chief technology officer now owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Reddit news, Director David C. Habiger bought 3,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The stock was acquired at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the completion of the purchase, the director now owns 24,906 shares of the company’s stock, valued at 846,804. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 185,000 shares of the stock in a transaction dated 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. Over 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.