26,603 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Biechele Royce Advisors

Biechele Royce Advisors purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,603 shares of the company's stock, valued at approximately $1,754,000. Reddit comprises about 0.6% of Biechele Royce Advisors' investment portfolio, making the stock its 26th largest holding.

Other hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the 1st quarter worth about $37,000. Whittier Trust Co. acquired a new position in Reddit during the third quarter worth approximately $42,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the first quarter valued at approximately $63,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the second quarter valued at approximately $78,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Reddit in the first quarter valued at approximately $79,000.

Reddit Trading Down 5.3 %

Shares of NYSE RDDT traded down $6.32 during mid-day trading on Friday, hitting $112.98. 12,024,739 shares of the stock traded hands, compared to its average volume of 7,110,488. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $123.60. The firm has a 50 day simple moving average of $70.13 and a two-hundred day simple moving average of $62.27.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping 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 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. As a group, sell-side analysts expect that Reddit, Inc. will post -4.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RDDT. JMP Securities increased their price objective on shares of Reddit from $84.00 to $118.00 and gave the company a "market outperform" rating in a research report on Wednesday. Piper Sandler reissued an "overweight" rating and issued a $115.00 price target (up from $70.00) on shares of Reddit in a report on Wednesday. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday. Roth Mkm upped their target price on Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, B. Riley reissued a "buy" rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $89.72.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business's stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the transaction, the chief accounting officer now directly owns 71,162 shares of the company's stock, valued at $3,842,748. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock worth $23,503,224 over the last ninety days.

Reddit 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.