Reddit (NYSE:RDDT) Coverage Initiated at Loop Capital

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

Several other equities research analysts have also commented on RDDT. Robert W. Baird initiated coverage on Reddit in a research note on Thursday, April 4th. They set a “neutral” rating and a $50.00 price target on the stock. New Street Research initiated coverage on Reddit in a research note on Tuesday, March 26th. They issued a “neutral” rating and a $54.00 target price on the stock. Piper Sandler initiated coverage on Reddit in a research note on Monday. They issued an “overweight” rating and a $50.00 target price on the stock. Roth Mkm initiated coverage on Reddit in a research note on Monday. They issued a “buy” rating and a $50.00 target price on the stock. Finally, Needham & Company LLC initiated coverage on Reddit in a research note on Monday. They issued a “buy” rating and a $55.00 target price on the stock. 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 given a strong buy rating to the company. According to MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of 49.20.

Reddit Stock Up 2.9 %

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

Insider Buying and Selling at Reddit

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

Institutional Investors Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

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.