Everence Capital Management Inc. Takes $531,000 Position in Reddit, Inc. (NYSE:RDDT)

Everence Capital Management Inc. acquired a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 3,250 shares of the company's stock, valued at approximately $531,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in RDDT. Whittier Trust Co. acquired a new stake in shares of Reddit during the third quarter worth $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit during the third quarter valued at about $85,000. SOA Wealth Advisors LLC. boosted its holdings in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock worth $126,000 after buying an additional 691 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Reddit in the third quarter worth approximately $144,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of Reddit during the second quarter valued at approximately $203,000.

Reddit Stock Performance

NYSE:RDDT traded up $1.21 during midday trading on Monday, reaching $178.95. The stock had a trading volume of 5,410,024 shares, compared to its average volume of 6,306,986. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $187.69. The firm's fifty day simple moving average is $146.37 and its 200-day simple moving average is $93.23.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm's quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the topic of several research analyst reports. B. Riley reiterated a "buy" rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Wells Fargo & Company started coverage on Reddit in a report on Wednesday, December 11th. They set an "overweight" rating and a $206.00 price target on the stock. Morgan Stanley raised Reddit from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. Needham & Company LLC lifted their target price on Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. Finally, JMP Securities increased their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen 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 an average rating of "Moderate Buy" and a consensus price target of $132.70.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $49,163,388.25. This trade represents a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction dated 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 in the company, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock worth $35,297,700 over the last three months.

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.