Reddit (NYSE:RDDT) Trading 7.1% Higher

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s share price traded up 7.1% during trading on Friday . The company traded as high as 46.13 and last traded at 45.46. 1,284,774 shares changed hands during trading, a decline of 82% from the average session volume of 7,086,470 shares. The stock had previously closed at 42.45.

Analysts Set New Price Targets

RDDT has been the topic of several recent research reports. Bank of America initiated coverage on Reddit in a report on Tuesday, April 16th. They set a "neutral" rating and a $46.00 target price on the stock. JMP Securities initiated coverage on Reddit in a report on Monday, April 15th. They set an "outperform" rating and a $53.00 target price on the stock. Roth Capital reissued a "buy" rating on shares of Reddit in a research note on Monday, April 15th. JPMorgan Chase & Co. started coverage on Reddit in a research report on Monday, April 15th. They set a "neutral" rating and a $47.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft started coverage on Reddit in a research note on Tuesday, April 16th. They set a "buy" rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of 49.20.

Reddit Price Performance

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of the business's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Reddit news, CAO Michelle Marie Reynolds sold 3,033 shares of the business's stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares in the company, valued at 3,114,139.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction dated 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 purchase, the director now directly owns 24,906 shares of the company's stock, valued at approximately 846,804. The disclosure for this purchase can be found here. Insiders sold 1,084,798 shares of company stock worth $35,038,975 in the last quarter.

Institutional Investors Weigh In On Reddit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in Reddit in the first quarter worth $27,000. Seven Grand Managers LLC purchased a new stake in Reddit in the first quarter worth $986,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Reddit in the first quarter worth $2,057,000. Finally, Congress Park Capital LLC purchased a new stake in Reddit in the first quarter worth $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.

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