Reddit, Inc. (NYSE:RDDT) Given Average Rating of "Moderate Buy" by Analysts

Reddit, Inc. (NYSE:RDDT - Get Free Report) has been given a consensus rating of "Moderate Buy" by the thirteen research firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, six 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. Citigroup began coverage on Reddit in a report on Monday. They set a "buy" rating and a $53.00 price target for the company. JPMorgan Chase & Co. began coverage on Reddit in a report on Monday. They set a "neutral" rating and a $47.00 price target for the company. Raymond James began coverage on Reddit in a report on Monday. They set a "strong-buy" rating and a $50.00 price target for the company. New Street Research assumed coverage on Reddit in a report on Tuesday, March 26th. They set a "neutral" rating and a $54.00 price target for the company. Finally, Needham & Company LLC assumed coverage on shares of Reddit in a research report on Monday. They set a "buy" rating and a $55.00 price objective on the stock.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm's stock in a transaction dated 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 approximately 13,361,993.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Reddit news, 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 transaction, the chief accounting officer now owns 96,413 shares of the company's stock, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 413,684 shares in the company, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,084,798 shares of company stock valued at $35,038,975.

Reddit Trading Down 5.4 %

Reddit stock traded down 2.27 during trading hours on Monday, reaching 40.00. 3,444,200 shares of the company's stock were exchanged, compared to its average volume of 10,061,575. Reddit has a twelve month low of 39.68 and a twelve month high of 74.90.

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.