Quadrature Capital Ltd Takes Position in Reddit, Inc. (NYSE:RDDT)

Quadrature Capital Ltd purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 57,667 shares of the company's stock, valued at approximately $3,801,000.

Other institutional investors also recently modified their holdings of the company. Whittier Trust Co. bought a new stake in shares of Reddit in the third quarter valued at about $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the second quarter valued at about $78,000. Daiwa Securities Group Inc. bought a new stake in Reddit during the third quarter worth about $85,000. UMB Bank n.a. bought a new stake in Reddit during the second quarter worth about $88,000. Finally, Paragon Capital Management Ltd bought a new stake in Reddit during the third quarter worth about $204,000.

Reddit Trading Up 6.3 %

NYSE:RDDT traded up $9.65 during trading hours on Friday, reaching $162.74. 7,905,523 shares of the company were exchanged, compared to its average volume of 5,046,547. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $163.72. The business has a 50 day moving average of $106.37 and a 200 day moving average of $76.76.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business's quarterly revenue was up 67.9% compared to the same quarter last year. On average, research analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the company's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the sale, the chief executive officer now owns 634,971 shares of the company's stock, valued at $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock valued at $31,195,790 over the last 90 days.

Analyst Ratings Changes

RDDT has been the topic of several analyst reports. Bank of America upped their target price on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. Loop Capital upped their target price on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a report on Monday. Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Needham & Company LLC upped their target price on Reddit from $85.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, Piper Sandler restated an "overweight" rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $103.17.

Reddit 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.