Citigroup Initiates Coverage on Reddit (NYSE:RDDT)

Stock analysts at Citigroup initiated coverage on shares of Reddit (NYSE:RDDT - Get Free Report) in a research report issued on Monday, MarketBeat.com reports. The brokerage set a "buy" rating and a $53.00 price target on the stock.

RDDT has been the subject of a number of other research reports. Robert W. Baird began coverage on shares of Reddit in a research report on Thursday, April 4th. They issued a "neutral" rating and a $50.00 target price for the company. Needham & Company LLC began coverage on shares of Reddit in a research report on Monday. They issued a "buy" rating and a $55.00 target price for the company. New Street Research began coverage on shares of Reddit in a research report on Tuesday, March 26th. They issued a "neutral" rating and a $54.00 target price for the company. Morgan Stanley began coverage on shares of Reddit in a research report on Monday. They issued an "equal weight" rating and a $45.00 target price for the company. Finally, Sanford C. Bernstein began coverage on shares of Reddit in a research report on Thursday, April 4th. They issued an "underperform" rating and a $40.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of 49.38.

Reddit Stock Down 5.4 %

Reddit stock traded down 2.27 during mid-day trading on Monday, reaching 40.00. The company's stock had a trading volume of 3,444,200 shares, compared to its average volume of 10,061,575. Reddit has a 12 month low of 39.68 and a 12 month high of 74.90.

Insider Buying and Selling

In related 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 completion of the sale, 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 Securities & Exchange Commission, which is accessible through this link. In other Reddit news, CEO Steve Ladd Huffman sold 500,000 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 value of 16,150,000.00. Following the completion of the sale, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction dated 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 completion of the sale, the chief technology officer now owns 413,684 shares of the company's stock, valued at approximately 13,361,993.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

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.