DekaBank Deutsche Girozentrale Has $9.35 Million Holdings in Reddit, Inc. (NYSE:RDDT)

DekaBank Deutsche Girozentrale boosted its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 5.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 141,800 shares of the company's stock after buying an additional 6,800 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.09% of Reddit worth $9,347,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Commonwealth Equity Services LLC purchased a new position in Reddit in the first quarter valued at about $1,111,000. BNP Paribas Financial Markets purchased a new position in Reddit in the 1st quarter worth approximately $37,000. SG Americas Securities LLC purchased a new position in Reddit in the 1st quarter worth approximately $265,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the first quarter valued at approximately $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the first quarter valued at approximately $82,167,000.

Reddit Stock Up 2.8 %

Shares of Reddit stock traded up $3.25 on Thursday, reaching $119.30. 17,012,332 shares of the company were exchanged, compared to its average volume of 4,753,234. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $123.60. The company's 50-day moving average is $67.80 and its two-hundred day moving average is $61.21.

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. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The firm's revenue was up 67.9% compared to the same quarter last year. Equities research analysts forecast that Reddit, Inc. will post -4.05 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 15,000 shares of the company's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares of the company's stock, valued at $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company's stock, valued at $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mary Porter Gale sold 15,000 shares of the company's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the sale, the director now directly owns 101,459 shares of the company's stock, valued at $5,349,933.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 390,327 shares of company stock worth $23,503,224.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a report on Monday, October 14th. Sanford C. Bernstein raised their target price on Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a research note on Wednesday. Loop Capital boosted their price target on Reddit from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Needham & Company LLC increased their price target on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Morgan Stanley lifted their price objective on Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $89.72.

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.