Reddit (NYSE:RDDT) Earns Buy Rating from Analysts at Loop Capital

Stock analysts at Loop Capital initiated coverage on shares of Reddit (NYSE:RDDT) in a research note issued to investors on Monday, Marketbeat.com reports. The firm set a “buy” rating and a $55.00 price target on the stock.

A number of other equities research analysts also recently commented on the company. Sanford C. Bernstein started coverage on Reddit in a report on Thursday, April 4th. They set an “underperform” rating and a $40.00 target price for the company. JMP Securities assumed coverage on Reddit in a report on Monday. They set an “outperform” rating and a $53.00 target price for the company. Robert W. Baird assumed coverage on Reddit in a research report on Thursday, April 4th. They set a “neutral” rating and a $50.00 price target for the company. JPMorgan Chase & Co. assumed coverage on Reddit in a research report on Monday. They set a “neutral” rating and a $47.00 price target for the company. Finally, Roth Mkm assumed coverage on Reddit in a research report on Monday. They set a “buy” rating and a $50.00 price target for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of 49.20.

Reddit Stock Performance

Shares of Reddit stock opened at 41.14 on Monday. Reddit has a 12 month low of 39.32 and a 12 month high of 74.90.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 500,000 shares of the firm’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 16,150,000.00. Following the completion of the transaction, the chief executive officer now directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction on Monday, March 25th. The stock was 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 owns 413,684 shares in the company, valued at 13,361,993.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 500,000 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 16,150,000.00. Following the completion of the transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. Insiders sold 1,084,798 shares of company stock valued at $35,038,975 in the last three months.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,664 shares of the company’s stock, valued at approximately $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.