Mission Creek Capital Partners Inc. purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 113,629 shares of the company's stock, valued at approximately $7,490,000. Reddit makes up 1.7% of Mission Creek Capital Partners Inc.'s investment portfolio, making the stock its 9th largest position. Mission Creek Capital Partners Inc. owned approximately 0.06% of Reddit at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. bought a new stake in shares of Reddit in the first quarter worth about $82,167,000. Janus Henderson Group PLC bought a new stake in shares of Reddit in the first quarter worth about $741,000. Renaissance Capital LLC bought a new stake in shares of Reddit in the second quarter worth about $1,455,000. SOA Wealth Advisors LLC. bought a new stake in shares of Reddit in the second quarter worth about $78,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Reddit during the 2nd quarter valued at approximately $19,876,000.
Analyst Ratings Changes
RDDT has been the topic of several research reports. Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They set a "buy" rating and a $67.00 price objective on the stock. Needham & Company LLC lifted their price objective on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Raymond James boosted their price target on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research report on Thursday, October 10th. Citigroup boosted their price target on Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group boosted their price target on Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $103.17.
Get Our Latest Research Report on RDDT
Insider Buying and Selling at Reddit
In related news, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated 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 sale, the insider now directly owns 138,401 shares of the company's stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 325,644 shares of company stock valued at $31,195,790 in the last 90 days.
Reddit Stock Up 2.9 %
Shares of RDDT traded up $4.40 during midday trading on Wednesday, hitting $154.23. 6,555,642 shares of the company traded hands, compared to its average volume of 5,031,199. The firm has a 50 day moving average of $102.91 and a 200-day moving average of $75.68. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $158.49.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business's revenue for the quarter was up 67.9% compared to the same quarter last year. Analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.
Reddit Profile
(
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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