Reddit, Inc.’s Quiet Period Set To Expire on April 30th (NYSE:RDDT)

Reddit’s (NYSE:RDDT) quiet period will end on Tuesday, April 30th. Reddit had issued 22,000,000 shares in its IPO on March 21st. The total size of the offering was $748,000,000 based on an initial share price of $34.00. During the company’s quiet period, insiders and any underwriters involved in the IPO are prevented from issuing any research reports or earnings estimates for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company’s quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Analyst Ratings Changes

RDDT has been the subject of several recent research reports. Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. Citigroup initiated coverage on shares of Reddit in a research note on Monday, April 15th. They set a “buy” rating and a $53.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a “buy” rating and a $50.00 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 price target for the company. Finally, JMP Securities began coverage on shares of Reddit in a research report on Monday, April 15th. They issued an “outperform” rating and a $53.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Trading Up 0.8 %

Shares of RDDT opened at 43.15 on Thursday. Reddit has a 12 month low of 37.35 and a 12 month high of 74.90.

Insider Transactions at Reddit

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Congress Park Capital LLC bought a new stake in Reddit in the 1st quarter valued at $279,000. Raymond James Financial Services Advisors Inc. bought a new stake in Reddit in the 1st quarter valued at $2,057,000. Seven Grand Managers LLC bought a new stake in Reddit in the 1st quarter valued at $986,000. Finally, Global Retirement Partners LLC bought a new stake in Reddit in the 1st quarter valued at $27,000.

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.