Reddit (NYSE:RDDT) Earns Neutral Rating from Analysts at Bank of America

Bank of America began coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Tuesday, MarketBeat Ratings reports. The firm issued a neutral rating and a $46.00 price target on the stock.

Several other brokerages also recently issued reports on RDDT. Sanford C. Bernstein initiated coverage on Reddit in a research report on Thursday, April 4th. They issued an underperform rating and a $40.00 price objective on the stock. The Goldman Sachs Group initiated coverage on Reddit in a research report on Monday. They issued a neutral rating and a $40.00 price objective on the stock. Roth Mkm initiated coverage on Reddit in a research report on Monday. They issued a buy rating and a $50.00 price objective on the stock. Robert W. Baird initiated coverage on Reddit in a research report on Thursday, April 4th. They issued a neutral rating and a $50.00 price objective on the stock. Finally, Citigroup initiated coverage on Reddit in a research report on Monday. They issued a buy rating and a $53.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of Moderate Buy and an average price target of 49.20.

Reddit Stock Up 2.9 %

RDDT opened at 41.14 on Tuesday. Reddit has a one year low of 39.32 and a one year high of 74.90.

Insiders Place Their Bets

In other Reddit news, CFO Andrew Vollero sold 71,765 shares of the company’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 2,318,009.50. Following the completion of the sale, the chief financial officer now directly owns 681,660 shares in the company, valued at 22,017,618. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of the company’s 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 completion of the sale, the chief technology officer now directly 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 accessible through this hyperlink. Also, CFO Andrew Vollero sold 71,765 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 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 disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 over the last three months.

Institutional Investors Weigh In On Reddit

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,664 shares of the company’s stock, valued at approximately $279,000.

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.