Reddit, Inc.’s (NYSE:RDDT) Quiet Period Will End on April 30th

Reddit’s (NYSE:RDDT) quiet period will end on Tuesday, April 30th. Reddit had issued 22,000,000 shares in its initial public offering on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. During the company’s quiet period, underwriters and any insiders involved in the IPO are restricted from issuing any earnings forecasts or research reports for the company because of SEC regulations. Following the end of the company’s quiet period, it’s expected that the brokerages that served as underwriters on the stock will initiate research coverage on the company.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RDDT shares. Robert W. Baird started coverage on shares of Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price target on the stock. Raymond James started coverage on shares of Reddit in a research note on Monday, April 15th. They set a “strong-buy” rating and a $50.00 price target on the stock. Loop Capital started coverage on shares of Reddit in a research note on Monday, April 15th. They set a “buy” rating and a $55.00 price target on the stock. Citigroup started coverage on shares of Reddit in a research note on Monday, April 15th. They set a “buy” rating and a $53.00 price target on the stock. Finally, Morgan Stanley started coverage on shares of Reddit in a research note on Monday, April 15th. They set an “equal weight” rating and a $45.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Price Performance

Shares of NYSE:RDDT opened at 42.04 on Tuesday. Reddit has a fifty-two week low of 37.35 and a fifty-two week high of 74.90.

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger acquired 3,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now directly owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other Reddit news, Director David C. Habiger acquired 3,000 shares of the stock in a transaction that occurred on Monday, March 25th. The stock was acquired at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now directly owns 24,906 shares in the company, valued at 846,804. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 500,000 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 transaction of 16,150,000.00. Following the sale, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Insiders sold a total of 1,084,798 shares of company stock valued at $35,038,975 in the last quarter.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent Form 13F filing with the SEC. The fund bought 5,664 shares of the company’s stock, valued at approximately $279,000.

About Reddit

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.