Reddit (NYSE:RDDT) Now Covered by Loop Capital

Loop Capital assumed coverage on shares of Reddit (NYSE:RDDT) in a report released on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $55.00 target price on the stock.

A number of other brokerages have also weighed in on RDDT. JMP Securities started coverage on Reddit in a research note on Monday. They issued an outperform rating and a $53.00 target price for the company. Piper Sandler started coverage on Reddit in a research note on Monday. They issued an overweight rating and a $50.00 target price for the company. Needham & Company LLC started coverage on Reddit in a research note on Monday. They issued a buy rating and a $55.00 target price for the company. New Street Research started coverage on Reddit in a research note on Tuesday, March 26th. They issued a neutral rating and a $54.00 target price for the company. Finally, Morgan Stanley started coverage on Reddit in a research note on Monday. They issued an equal weight rating and a $45.00 target price for the company. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of 49.38.

Reddit Stock Performance

Reddit stock opened at 40.00 on Monday. Reddit has a 52-week low of 39.68 and a 52-week high of 74.90.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 185,000 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Steve Ladd Huffman sold 500,000 shares of Reddit stock in a transaction dated Monday, March 25th. The stock was sold at an average price of 32.30, for a total transaction of 16,150,000.00. Following the transaction, the chief executive officer now owns 710,306 shares in the company, valued at approximately 22,942,883.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 185,000 shares of Reddit stock in a transaction dated Monday, March 25th. The shares were 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 approximately 13,361,993.20. The disclosure for this sale can be found here. Insiders have sold a total of 1,084,798 shares of company stock worth $35,038,975 over the last 90 days.

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.