Reddit (NYSE:RDDT) Coverage Initiated at Bank of America

Stock analysts at Bank of America initiated coverage on shares of Reddit (NYSE:RDDT) in a report released on Tuesday, MarketBeat reports. The firm set a “neutral” rating and a $46.00 price target on the stock.

RDDT has been the subject of a number of other reports. JPMorgan Chase & Co. began coverage on shares of Reddit in a research note on Monday. They issued a “neutral” rating and a $47.00 price target for the company. Morgan Stanley assumed coverage on Reddit in a research report on Monday. They set an “equal weight” rating and a $45.00 price target on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on Reddit in a research note on Tuesday. They issued a “buy” rating and a $50.00 price target on the stock. Loop Capital assumed coverage on Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 price target on the stock. Finally, Piper Sandler assumed coverage on Reddit in a research note on Monday. They issued an “overweight” rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of 49.20.

Reddit Stock Performance

NYSE:RDDT opened at 39.17 on Tuesday. Reddit has a twelve month low of 38.70 and a twelve month high of 74.90.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 97,965.90. Following the sale, the chief accounting officer now directly owns 96,413 shares of the company’s stock, valued at 3,114,139.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger acquired 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were 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 of the company’s stock, valued at 846,804. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Institutional Inflows and Outflows

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