Reddit, Inc. (NYSE:RDDT) Stock Position Raised by Chartwell Investment Partners LLC

Chartwell Investment Partners LLC boosted its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 80.8% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 22,544 shares of the company's stock after buying an additional 10,072 shares during the period. Chartwell Investment Partners LLC's holdings in Reddit were worth $1,486,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. StoneCrest Wealth Management Inc. lifted its position in Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company's stock worth $451,000 after acquiring an additional 176 shares in the last quarter. Whittier Trust Co. acquired a new position in shares of Reddit during the third quarter worth $42,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit in the first quarter valued at $37,000. Vestor Capital LLC boosted its stake in shares of Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company's stock valued at $5,589,000 after purchasing an additional 922 shares during the period. Finally, SOA Wealth Advisors LLC. acquired a new stake in Reddit during the 2nd quarter valued at $78,000.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value 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 $100,275,129.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at $100,275,129.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company's stock, valued at approximately $2,329,668.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 364,327 shares of company stock valued at $23,298,794 in the last three months.

Reddit Price Performance

NYSE:RDDT traded up $4.26 during mid-day trading on Wednesday, reaching $132.01. 4,565,499 shares of the stock were exchanged, compared to its average volume of 4,887,406. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $139.04. The business has a fifty day moving average price of $79.46 and a 200 day moving average price of $66.50.

Reddit (NYSE:RDDT - Get Free Report) last released 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 business had revenue of $348.40 million during 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 firm's quarterly revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on RDDT. Morgan Stanley boosted their price target on Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Piper Sandler reaffirmed an "overweight" rating and issued a $115.00 price objective (up previously from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a "buy" rating and a $67.00 target price for the company. Finally, Citigroup upped their target price on Reddit from $70.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.