Reddit, Inc. (NYSE:RDDT) Receives Consensus Rating of “Moderate Buy” from Analysts

Reddit, Inc. (NYSE:RDDT) has earned an average recommendation of “Moderate Buy” from the sixteen research firms that are currently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company.

A number of brokerages have weighed in on RDDT. 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. Roth Mkm began coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $50.00 target price for the company. Loop Capital began coverage on shares of Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 target price for the company. Bank of America began coverage on shares of Reddit in a research note on Tuesday. They issued a “neutral” rating and a $46.00 target price for the company. Finally, The Goldman Sachs Group began coverage on shares of Reddit in a research note on Monday. They issued a “neutral” rating and a $40.00 target price for the company.

Reddit Stock Performance

Shares of RDDT stock opened at 39.17 on Monday. Reddit has a 12-month low of 38.70 and a 12-month high of 74.90.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the business’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction that occurred 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 transaction, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total transaction of 97,965.90. Following the completion of the transaction, the chief accounting officer now directly 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 sold 1,084,798 shares of company stock worth $35,038,975.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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.