Penserra Capital Management LLC raised its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 63.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 48,945 shares of the company's stock after acquiring an additional 18,932 shares during the period. Penserra Capital Management LLC's holdings in Reddit were worth $3,226,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in RDDT. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit in the 3rd quarter valued at $474,403,000. Vanguard Group Inc. purchased a new position in Reddit during the first quarter valued at approximately $82,167,000. Bank of New York Mellon Corp lifted its holdings in Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company's stock valued at $106,288,000 after acquiring an additional 153,282 shares during the period. Marshall Wace LLP boosted its position in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company's stock worth $54,174,000 after purchasing an additional 457,588 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Reddit in the 1st quarter worth approximately $37,015,000.
Reddit Stock Down 4.4 %
Reddit stock traded down $6.29 during trading on Tuesday, hitting $135.61. The company had a trading volume of 7,657,523 shares, compared to its average volume of 5,043,334. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $158.49. The company's 50 day simple moving average is $93.72 and its 200-day simple moving average is $72.18.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit's quarterly revenue was up 67.9% on a year-over-year basis. Research analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.
Insider Buying and Selling at Reddit
In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of the business's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 298,520 shares of company stock worth $26,771,297.
Wall Street Analyst Weigh In
RDDT has been the subject of several analyst reports. B. Riley reiterated a "buy" rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a research report on Wednesday, October 30th. Needham & Company LLC raised their target price on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, Raymond James raised their price objective on Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.17.
Read Our Latest Stock Report on Reddit
About Reddit
(
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.
Further Reading
Before you consider Reddit, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reddit wasn't on the list.
While Reddit currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
