Objective Capital Management LLC Invests $391,000 in Reddit, Inc. (NYSE:RDDT)

Objective Capital Management LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 5,924 shares of the company's stock, valued at approximately $391,000.

Other hedge funds have also modified their holdings of the company. ARK Investment Management LLC increased its holdings in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock worth $23,251,000 after buying an additional 192,785 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit during the 1st quarter worth $7,363,000. VY Capital Management Co. Ltd. bought a new position in shares of Reddit during the 3rd quarter valued at $474,403,000. Claro Advisors LLC acquired a new stake in shares of Reddit in the 3rd quarter valued at $2,557,000. Finally, BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter worth $37,000.

Insider Activity

In other Reddit news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the sale, the director now directly owns 71,459 shares of the company's stock, valued at approximately $3,738,020.29. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Reddit news, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now directly owns 71,459 shares of the company's stock, valued at approximately $3,738,020.29. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 394,327 shares of company stock worth $24,868,094.

Reddit Price Performance

Shares of RDDT stock traded up $3.36 during mid-day trading on Friday, reaching $134.80. The stock had a trading volume of 4,402,023 shares, compared to its average volume of 4,881,926. Reddit, Inc. has a one year low of $37.35 and a one year high of $134.80. The firm's 50 day simple moving average is $76.67 and its 200 day simple moving average is $65.00.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm's revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on RDDT. Loop Capital raised their target price on Reddit from $80.00 to $90.00 and gave the company a "buy" rating in a report on Friday, October 25th. Morgan Stanley boosted their target price on Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 23rd. The Goldman Sachs Group increased their price target on Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Citigroup lifted their price target 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. Finally, Bank of America upped their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $89.72.

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.