Cerity Partners LLC Acquires New Shares in Reddit, Inc. (NYSE:RDDT)

Cerity Partners LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 6,769 shares of the company's stock, valued at approximately $446,000.

A number of other hedge funds also recently made changes to their positions in the stock. SOA Wealth Advisors LLC. purchased a new stake in Reddit in the second quarter worth approximately $78,000. Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Reddit during the 2nd quarter valued at $19,876,000. Raymond James & Associates grew its holdings in shares of Reddit by 706.1% during the 2nd quarter. Raymond James & Associates now owns 42,641 shares of the company's stock valued at $2,724,000 after purchasing an additional 37,351 shares during the last quarter. Carnegie Investment Counsel purchased a new position in Reddit in the 2nd quarter worth $8,068,000. Finally, Bank of New York Mellon Corp lifted its stake in Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company's stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter.

Reddit Stock Up 2.8 %

Shares of NYSE:RDDT traded up $4.52 during trading on Monday, hitting $167.28. The stock had a trading volume of 16,629,792 shares, compared to its average volume of 5,110,665. The firm's fifty day moving average is $108.29 and its 200 day moving average is $77.74. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $180.74.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business's revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.54 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Bank of America lifted their price target on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. JMP Securities increased their price objective on Reddit from $118.00 to $160.00 and gave the company a "market outperform" rating in a research note on Monday, November 25th. Roth Mkm lifted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. Finally, Morgan Stanley upgraded shares of Reddit from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $70.00 to $200.00 in a report on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and a consensus price target of $110.39.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. The trade was a 3.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $38,578,562.25. This represents a 2.10 % 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 quarter.

About Reddit

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.