Reddit (NYSE:RDDT) Receives New Coverage from Analysts at Citigroup

Citigroup assumed coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday, Marketbeat Ratings reports. The firm issued a buy rating and a $53.00 target price on the stock.

A number of other brokerages also recently issued reports on RDDT. New Street Research assumed coverage on Reddit in a report on Tuesday, March 26th. They set a neutral rating and a $54.00 price target for the company. Sanford C. Bernstein assumed coverage on Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 price target for the company. The Goldman Sachs Group assumed coverage on Reddit in a report on Monday. They set a neutral rating and a $40.00 price target for the company. Loop Capital assumed coverage on Reddit in a report on Monday. They set a buy rating and a $55.00 price target for the company. Finally, Roth Mkm assumed coverage on Reddit in a report on Monday. They set a buy rating and a $50.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of 49.38.

Reddit Stock Down 5.4 %

NYSE:RDDT 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 related news, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company’s stock, valued at approximately 846,804. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction dated Monday, March 25th. The shares were 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 in the company, valued at approximately 3,114,139.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have 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.