Reddit (NYSE:RDDT) Research Coverage Started at Loop Capital

Loop Capital initiated coverage on shares of Reddit (NYSE:RDDTFree Report) in a report released on Monday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $55.00 target price on the stock.

A number of other equities research analysts have also commented on the company. New Street Research initiated coverage on Reddit in a research report on Tuesday, March 26th. They issued a neutral rating and a $54.00 target price on the stock. Robert W. Baird initiated coverage on Reddit in a research report on Thursday, April 4th. They issued a neutral rating and a $50.00 target price on the stock. Sanford C. Bernstein initiated coverage on Reddit in a research report on Thursday, April 4th. They issued an underperform rating and a $40.00 target price on the stock. JMP Securities began coverage on Reddit in a research report on Monday. They issued an outperform rating and a $53.00 target price on the stock. Finally, JPMorgan Chase & Co. began coverage on Reddit in a research report on Monday. They issued a neutral rating and a $47.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of 49.20.

Get Our Latest Analysis on RDDT

Reddit Stock Down 4.8 %

Shares of NYSE RDDT opened at 39.17 on Monday. Reddit has a 52 week low of 38.70 and a 52 week high of 74.90.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 transaction of 5,975,500.00. Following the completion of 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 SEC, which is available at this link. In other news, CTO Christopher Brian Slowe sold 185,000 shares of the company’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 transaction of 5,975,500.00. Following the completion of 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 SEC, which is available at this link. Also, Director David C. Habiger bought 3,000 shares of Reddit stock in a transaction dated Monday, March 25th. The shares were acquired at an average cost of 34.00 per share, with a total value of 102,000.00. Following the completion of the purchase, the director now owns 24,906 shares in the company, valued at 846,804. The disclosure for this purchase can be found here. Insiders sold a total of 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:RDDTFree Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

About Reddit

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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.

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