Prospera Financial Services Inc Invests $248,000 in Reddit, Inc. (NYSE:RDDT)

Prospera Financial Services Inc purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,768 shares of the company's stock, valued at approximately $248,000.

Other hedge funds have also recently made changes to their positions in the company. ARK Investment Management LLC grew its stake in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock worth $23,251,000 after buying an additional 192,785 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock valued at $33,231,000 after purchasing an additional 453,894 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Reddit in the 1st quarter worth approximately $7,363,000. Objective Capital Management LLC purchased a new stake in Reddit during the 3rd quarter worth approximately $391,000. Finally, VY Capital Management Co. Ltd. acquired a new position in Reddit during the 3rd quarter valued at approximately $474,403,000.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Raymond James boosted their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a report on Thursday, October 10th. B. Riley reissued a "buy" rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. JMP Securities lifted their target price on Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a report on Monday. Roth Mkm increased their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $98.17.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company's stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company's stock, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 298,520 shares of company stock valued at $26,771,297 in the last three months.

Reddit Trading Down 4.5 %

RDDT traded down $6.38 during trading hours on Tuesday, reaching $135.52. The company's stock had a trading volume of 7,666,056 shares, compared to its average volume of 5,043,334. The business's 50-day moving average is $93.72 and its 200-day moving average is $72.18. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $158.49.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm's quarterly revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

About Reddit

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.