Anson Funds Management LP Acquires Shares of 50,000 Reddit, Inc. (NYSE:RDDT)

Anson Funds Management LP acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 50,000 shares of the company's stock, valued at approximately $3,296,000.

Several other large investors also recently modified their holdings of RDDT. Whittier Trust Co. acquired a new stake in Reddit in the 3rd quarter worth about $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the second quarter valued at approximately $78,000. Daiwa Securities Group Inc. acquired a new stake in Reddit during the third quarter worth approximately $85,000. UMB Bank n.a. bought a new position in Reddit during the 2nd quarter worth $88,000. Finally, Hsbc Holdings PLC acquired a new position in Reddit in the 2nd quarter valued at $203,000.

Reddit Trading Up 6.3 %

Shares of RDDT traded up $9.67 during trading hours on Friday, hitting $162.76. 7,910,663 shares of the stock were exchanged, compared to its average volume of 6,107,141. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $163.72. The business has a 50-day moving average of $108.29 and a 200-day moving average of $77.74.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates 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 revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit, Inc. will post -3.63 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on RDDT. Loop Capital increased their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Needham & Company LLC boosted their price objective on shares of Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Raymond James upped their target price on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research note on Thursday, October 10th. Citigroup boosted their price target on Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $103.17.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now owns 634,971 shares in the company, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 325,644 shares of company stock valued at $31,195,790.

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.