Piper Sandler Begins Coverage on Reddit (NYSE:RDDT)

Piper Sandler initiated coverage on shares of Reddit (NYSE:RDDT) in a research note released on Monday, Marketbeat.com reports. The firm issued an overweight rating and a $50.00 price target on the stock.

Other analysts have also issued research reports about the stock. Sanford C. Bernstein initiated coverage on shares of Reddit in a research report on Thursday, April 4th. They issued an underperform rating and a $40.00 target price on the stock. New Street Research initiated coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a neutral rating and a $54.00 target price on the stock. Robert W. Baird initiated coverage on shares of Reddit in a research report on Thursday, April 4th. They issued a neutral rating and a $50.00 target price on the stock. Roth Mkm initiated coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $50.00 target price on the stock. Finally, Needham & Company LLC initiated coverage on shares of Reddit in a research report on Monday. They issued a buy rating and a $55.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of 49.38.

Reddit Trading Down 5.4 %

RDDT stock opened at 40.00 on Monday. Reddit has a one year low of 39.68 and a one year high of 74.90.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit 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 transaction, the chief technology officer now directly 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 Securities & Exchange Commission, which is available through the SEC website. In related news, Director David C. Habiger purchased 3,000 shares of the company’s stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the completion of 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 accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit 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 sale, the chief technology officer now owns 413,684 shares of the company’s stock, valued at 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold 1,084,798 shares of company stock valued at $35,038,975 over the last ninety days.

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.