SpiderRock Advisors LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 52,866 shares of the company's stock, valued at approximately $3,485,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter valued at about $474,403,000. Inclusive Capital Partners L.P. bought a new stake in shares of Reddit in the 1st quarter valued at about $103,051,000. Vanguard Group Inc. bought a new stake in shares of Reddit in the 1st quarter valued at about $82,167,000. Price T Rowe Associates Inc. MD bought a new stake in shares of Reddit in the 1st quarter valued at about $37,015,000. Finally, Blackstone Inc. bought a new stake in shares of Reddit in the 1st quarter valued at about $36,990,000.
Insider Activity
In other news, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares of the company's stock, valued at $5,314,909.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now owns 46,459 shares of the company's stock, valued at approximately $5,314,909.60. This trade represents a 0.00 % decrease in their position. 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 6,714 shares of Reddit stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the completion of the sale, the chief executive officer now directly owns 658,352 shares in the company, valued at $39,395,783.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 394,327 shares of company stock valued at $24,868,094 in the last three months.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on RDDT. Bank of America raised their price target on shares of Reddit from $84.00 to $99.00 and gave the company a "neutral" rating in a report on Wednesday, October 30th. Needham & Company LLC raised their price target on shares of Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Citigroup increased their price objective on shares of Reddit from $70.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Roth Mkm increased their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group increased their price objective on shares of Reddit from $90.00 to $100.00 and gave the company a "buy" rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $89.72.
Check Out Our Latest Stock Report on RDDT
Reddit Price Performance
Shares of NYSE:RDDT traded up $3.36 during trading on Friday, hitting $134.80. 4,402,023 shares of the stock traded hands, compared to its average volume of 8,266,450. The company has a fifty day moving average price of $76.67 and a two-hundred day moving average price of $65.15. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $134.80.
Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit's revenue for the quarter was up 67.9% on a year-over-year basis. Equities research analysts forecast that Reddit, Inc. will post -3.63 EPS for the current year.
Reddit Company Profile
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Free Report)
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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