Reddit (NYSE:RDDT) Now Covered by Loop Capital

Loop Capital started coverage on shares of Reddit (NYSE:RDDT) in a research report report published on Monday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $55.00 price objective on the stock.

A number of other research analysts have also weighed in on RDDT. Piper Sandler started coverage on shares of Reddit in a research note on Monday. They issued an overweight rating and a $50.00 target price on the stock. JMP Securities started coverage on shares of Reddit in a report on Monday. They set an outperform rating and a $53.00 price target for the company. Roth Mkm started coverage on shares of Reddit in a report on Monday. They set a buy rating and a $50.00 price target for the company. JPMorgan Chase & Co. started coverage on shares of Reddit in a report on Monday. They set a neutral rating and a $47.00 price target for the company. Finally, Sanford C. Bernstein started coverage on shares of Reddit in a report on Thursday, April 4th. They set an underperform rating and a $40.00 price target for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has a consensus rating of Moderate Buy and a consensus target price of 49.20.

Reddit Stock Up 6.5 %

RDDT opened at 41.72 on Monday. Reddit has a 1-year low of 37.35 and a 1-year high of 74.90.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Michelle Marie Reynolds sold 3,033 shares of Reddit stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of 32.30, for a total value of 97,965.90. Following the completion of the sale, the chief accounting officer now owns 96,413 shares in the company, valued at approximately 3,114,139.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 500,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 710,306 shares of the company’s stock, valued at approximately 22,942,883.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,084,798 shares of company stock worth $35,038,975.

Hedge Funds Weigh In On Reddit

A hedge fund recently bought a new stake in Reddit stock. Congress Park Capital LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 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.