Long Walk Management LP Has $47.13 Million Position in Reddit, Inc. (NYSE:RDDT)

Long Walk Management LP lifted its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 28.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 715,000 shares of the company's stock after purchasing an additional 157,500 shares during the period. Reddit accounts for approximately 19.5% of Long Walk Management LP's portfolio, making the stock its largest position. Long Walk Management LP owned 0.43% of Reddit worth $47,133,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of RDDT. Whittier Trust Co. purchased a new position in Reddit during the 3rd quarter valued at $42,000. BNP Paribas Financial Markets bought a new position in Reddit in the first quarter worth about $37,000. SOA Wealth Advisors LLC. purchased a new stake in Reddit in the second quarter worth about $78,000. UMB Bank n.a. bought a new stake in Reddit during the 2nd quarter valued at approximately $88,000. Finally, Sandia Investment Management LP purchased a new position in shares of Reddit during the 1st quarter worth approximately $79,000.

Reddit Price Performance

RDDT traded up $3.36 during mid-day trading on Friday, reaching $134.80. 4,402,023 shares of the company traded hands, compared to its average volume of 8,266,450. The company's fifty day moving average price is $76.67 and its 200-day moving average price is $65.15. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $134.80.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The business's revenue was up 67.9% compared to the same quarter last year. On average, equities analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now directly owns 672,352 shares of the company's stock, valued at $36,293,560.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 394,327 shares of company stock worth $24,868,094 in the last three months.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citigroup raised their target price on Reddit from $70.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, October 30th. Piper Sandler reissued an "overweight" rating and set a $115.00 price objective (up previously from $70.00) on shares of Reddit in a research report on Wednesday, October 30th. Morgan Stanley upped their target price on shares of Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 23rd. B. Riley reissued a "buy" rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Finally, Loop Capital upped their price objective on shares of Reddit from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, October 25th. 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 assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average 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.