Reddit (NYSE:RDDT) Stock Price Down 2.9%

Reddit, Inc. (NYSE:RDDT - Get Free Report)'s stock price was down 2.9% during trading on Monday . The company traded as low as 40.55 and last traded at 41.05. Approximately 544,219 shares changed hands during trading, a decline of 94% from the average daily volume of 9,867,055 shares. The stock had previously closed at 42.27.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RDDT shares. Morgan Stanley started coverage on shares of Reddit in a report on Monday. They set an "equal weight" rating and a $45.00 price target on the stock. JMP Securities started coverage on shares of Reddit in a report on Monday. They issued an "outperform" rating and a $53.00 target price on the stock. Needham & Company LLC started coverage on shares of Reddit in a report on Monday. They issued a "buy" rating and a $55.00 target price on the stock. New Street Research started coverage on shares of Reddit in a report on Tuesday, March 26th. They issued a "neutral" rating and a $54.00 target price on the stock. Finally, Sanford C. Bernstein started coverage on shares of Reddit in a report on Thursday, April 4th. They issued an "underperform" rating and a $40.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of 49.38.

Reddit Price Performance

Insider Activity

In other news, Director David C. Habiger acquired 3,000 shares of the firm's stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company's stock, valued at 846,804. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director David C. Habiger acquired 3,000 shares of the firm's stock in a transaction dated Monday, March 25th. The shares were purchased at an average cost of 34.00 per share, for a total transaction of 102,000.00. Following the transaction, the director now directly owns 24,906 shares of the company's stock, valued at 846,804. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of the firm's stock in a transaction on 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 in the company, 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 worth $35,038,975 in the last three months.

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.