10,800 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Janus Henderson Group PLC

Janus Henderson Group PLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 10,800 shares of the company's stock, valued at approximately $712,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter worth about $42,000. Daiwa Securities Group Inc. bought a new position in Reddit during the 3rd quarter valued at about $85,000. UMB Bank n.a. bought a new position in Reddit during the 2nd quarter valued at about $88,000. Paragon Capital Management Ltd bought a new position in Reddit during the 3rd quarter valued at about $204,000. Finally, Hsbc Holdings PLC bought a new position in Reddit during the 2nd quarter valued at about $203,000.

Reddit Stock Up 5.6 %

Shares of NYSE:RDDT traded up $9.14 during trading on Friday, hitting $172.65. 4,893,316 shares of the company's stock were exchanged, compared to its average volume of 7,091,066. The firm has a 50-day moving average price of $117.99 and a two-hundred day moving average price of $81.41. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $180.74.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business's quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Robert W. Baird lifted their price target on shares of Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a report on Wednesday. Citigroup lifted their price target on shares of Reddit from $70.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Wells Fargo & Company initiated coverage on shares of Reddit in a report on Wednesday. They set an "overweight" rating and a $206.00 price target for the company. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Sanford C. Bernstein raised their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $124.42.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares of the company's stock, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 325,644 shares of company stock worth $31,195,790.

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.