Reddit, Inc. (NYSE:RDDT) Shares Sold by Barclays PLC

Barclays PLC cut its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 90.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,507 shares of the company's stock after selling 135,228 shares during the quarter. Barclays PLC's holdings in Reddit were worth $890,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RDDT. Victory Capital Management Inc. bought a new position in shares of Reddit in the 2nd quarter worth $3,209,000. WINTON GROUP Ltd bought a new position in Reddit in the second quarter worth about $467,000. Renaissance Technologies LLC purchased a new stake in shares of Reddit during the second quarter valued at about $13,411,000. Hsbc Holdings PLC bought a new stake in shares of Reddit in the 2nd quarter valued at about $203,000. Finally, Marshall Wace LLP grew its position in shares of Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company's stock worth $54,174,000 after buying an additional 457,588 shares during the last quarter.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the sale, the chief technology officer now directly owns 324,837 shares of the company's stock, valued at $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 217,023 shares of company stock worth $31,699,295 in the last ninety days.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RDDT. Raymond James increased their target price on shares of Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a research report on Thursday, October 10th. Loop Capital increased their price objective on Reddit from $120.00 to $180.00 and gave the company a "buy" rating in a report on Monday, December 2nd. Citigroup raised their price objective on Reddit from $120.00 to $200.00 and gave the stock a "buy" rating in a research report on Friday, December 20th. Needham & Company LLC upped their target price on Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a research report on Wednesday, December 11th. Finally, Piper Sandler increased their price target on Reddit from $150.00 to $197.00 and gave the company an "overweight" rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $148.25.

Reddit Price Performance

Shares of NYSE RDDT traded up $5.64 during midday trading on Wednesday, reaching $170.46. 5,087,592 shares of the stock were exchanged, compared to its average volume of 5,055,562. The firm has a 50-day simple moving average of $155.39 and a two-hundred day simple moving average of $98.65. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $187.69.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly 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 net margin of 47.83% and a negative return on equity of 40.54%. The company's quarterly revenue was up 67.9% on a year-over-year basis. Analysts expect that Reddit, Inc. will post -3.46 EPS for the current year.

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.