What's Going On With Reddit Stock Monday?

Reddit Inc RDDT shares are in the spotlight Monday after multiple analysts initiated coverage on the stock.

What Happened: Reddit made its highly anticipated debut on the New York Stock Exchange last month in what was the first major IPO of 2024. Several analysts are out with fresh ratings and price targets this week. Here’s a look at the analyst updates from Monday.

• Morgan Stanley analyst Brian Nowak initiated coverage on Reddit with an Equal-Weight rating and announced a price target of $45.

• JMP Securities analyst Andrew Boone initiated coverage on Reddit with a Market Outperform rating and announced a price target of $53.

• Piper Sandler analyst Thomas Champion initiated coverage on Reddit with an Overweight rating and announced a price target of $50.

• Roth MKM analyst Rohit Kulkarni initiated coverage on Reddit with a Buy rating and announced a price target of $50.

• JPMorgan analyst Doug Anmuth initiated coverage on Reddit with a Neutral rating and announced a price target of $47.

• Needham analyst Laura Martin initiated coverage on Reddit with a Buy rating and announced a price target of $55.

Reddit's long-awaited entry into the public markets has been in the works since the company quietly filed for an IPO in late 2021. Reddit is set to report its first quarterly financial results as a public company after the market close on May 7, according to Benzinga Pro.

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RDDT Price Action: Reddit shares were down 3.12% at $40.95 at the time of publication, according to Benzinga Pro.

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