Why Reddit Stock Just Popped
The Nasdaq sell-off is making Reddit stock look cheap.
Investors in Reddit (NYSE: RDDT) stock are having a terrific Tuesday, as shares rise 10.7% through 11:10 a.m. ET.
Shares of the social media discussion site, which had more than quadrupled since its initial public offering (IPO) last year, topping $225 in early February, have been cut in half over the past month. That 50% haircut, however, has made Reddit stock "extremely attractive" for new investors according to investment bank Loop Capital, as The Fly reports this morning.
Reddit stock trades just below $118 today, down about 48% from what it cost a month ago. Loop Capital, however, is sticking with its buy recommendation, and says Reddit is worth at least $210, implying the stock has more than 78% upside from current prices.
