GM Advisory Group LLC Buys New Position in Reddit, Inc. (NYSE:RDDT)

GM Advisory Group LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,866 shares of the company's stock, valued at approximately $255,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in Reddit in the 1st quarter worth approximately $37,000. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. purchased a new position in Reddit in the 2nd quarter worth approximately $78,000. Sandia Investment Management LP purchased a new position in Reddit in the 1st quarter worth approximately $79,000. Finally, UMB Bank n.a. purchased a new position in Reddit in the 2nd quarter worth approximately $88,000.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on RDDT shares. JMP Securities upped their price target on Reddit from $84.00 to $118.00 and gave the stock a "market outperform" rating in a report on Wednesday, October 30th. Cannonball Research initiated coverage on Reddit in a research note on Tuesday, August 6th. They set a "buy" rating and a $67.00 target price for the company. JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. Loop Capital increased their target price on Reddit from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Finally, Piper Sandler reiterated an "overweight" rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday. 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 given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $91.67.

Reddit Price Performance

NYSE RDDT traded down $11.35 during trading hours on Friday, hitting $146.67. The company had a trading volume of 18,665,539 shares, compared to its average volume of 8,949,781. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $158.49. The business has a fifty day simple moving average of $92.06 and a 200-day simple moving average of $71.40.

Reddit (NYSE:RDDT - Get Free Report) last issued its 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit's quarterly revenue was up 67.9% compared to the same quarter last year. On average, research analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 8,000 shares of the firm's stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $60.00, for a total transaction of $480,000.00. Following the transaction, the chief accounting officer now directly owns 66,238 shares of the company's stock, valued at approximately $3,974,280. This trade represents a 10.78 % decrease in their ownership of the stock. The sale 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 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 transaction, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 306,520 shares of company stock valued at $27,251,297.

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.