Concurrent Investment Advisors LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,639 shares of the company's stock, valued at approximately $372,000.
Other large investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new stake in Reddit during the first quarter worth about $37,000. Whittier Trust Co. bought a new stake in shares of Reddit in the 3rd quarter valued at about $42,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the 2nd quarter valued at about $78,000. Sandia Investment Management LP bought a new stake in shares of Reddit in the 1st quarter valued at about $79,000. Finally, UMB Bank n.a. bought a new stake in shares of Reddit in the 2nd quarter valued at about $88,000.
Wall Street Analysts Forecast Growth
RDDT has been the subject of a number of recent research reports. JMP Securities boosted their target price on Reddit from $84.00 to $118.00 and gave the company a "market outperform" rating in a research note on Wednesday, October 30th. Needham & Company LLC boosted their target price on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. B. Riley reissued a "buy" rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Piper Sandler restated an "overweight" rating and set a $115.00 price target (up previously from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Finally, Roth Mkm boosted their price target on Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and a consensus target price of $89.72.
Read Our Latest Research Report on RDDT
Insider Buying and Selling
In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company's stock, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares of the company's stock, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 364,327 shares of company stock worth $23,298,794 in the last 90 days.
Reddit Stock Performance
Shares of Reddit stock traded down $5.51 during midday trading on Monday, hitting $129.29. The company had a trading volume of 5,685,273 shares, compared to its average volume of 4,886,981. The company has a 50 day moving average of $76.67 and a 200 day moving average of $65.31. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $139.04.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. On average, equities research analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.
About Reddit
(
Free Report)
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.
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