Reddit (NYSE:RDDT) Trading 7.1% Higher

Reddit, Inc. (NYSE:RDDT)’s stock price shot up 7.1% during trading on Friday . The stock traded as high as 46.13 and last traded at 45.46. 1,284,774 shares changed hands during mid-day 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

Several research analysts recently commented on the stock. Citigroup initiated coverage on shares of Reddit in a research note on Monday, April 15th. They set a “buy” rating and a $53.00 price objective for the company. Bank of America initiated coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a “neutral” rating and a $46.00 price target on the stock. Loop Capital initiated coverage on shares of Reddit in a research note on Monday, April 15th. They set a “buy” rating and a $55.00 price target on the stock. Roth Capital restated a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Finally, New Street Research initiated coverage on shares of Reddit in a research note on Tuesday, March 26th. They set a “neutral” rating and a $54.00 price target on the stock. One investment 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 MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Stock Up 7.0 %

Insider Activity

In other news, Director David C. Habiger purchased 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was bought at an average price 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 846,804. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction on 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 directly owns 413,684 shares of the company’s stock, valued at approximately 13,361,993.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David C. Habiger acquired 3,000 shares of the business’s stock in a transaction on Monday, March 25th. The shares were purchased at an average price of 34.00 per share, with a total value of 102,000.00. Following the transaction, the director now owns 24,906 shares in the company, valued at approximately 846,804. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 1,084,798 shares of company stock valued at $35,038,975.

Hedge Funds Weigh In On Reddit

A number of large investors have recently modified their holdings of RDDT. Global Retirement Partners LLC acquired a new stake in Reddit during the 1st quarter valued at $27,000. Congress Park Capital LLC acquired a new stake in Reddit during the 1st quarter valued at $279,000. Seven Grand Managers LLC acquired a new stake in shares of Reddit during the first quarter worth $986,000. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in shares of Reddit during the first quarter worth $2,057,000.

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.