ARK Investment Management LLC Has $23.25 Million Position in Reddit, Inc. (NYSE:RDDT)

ARK Investment Management LLC lifted its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 120.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 352,721 shares of the company's stock after purchasing an additional 192,785 shares during the quarter. ARK Investment Management LLC owned about 0.21% of Reddit worth $23,251,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Concurrent Investment Advisors LLC bought a new position in shares of Reddit in the third quarter worth $372,000. Vestor Capital LLC raised its position in Reddit by 1.1% in the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company's stock valued at $5,589,000 after purchasing an additional 922 shares during the last quarter. Campbell Capital Management Inc. bought a new stake in shares of Reddit during the third quarter worth $3,088,000. Biechele Royce Advisors acquired a new position in Reddit in the third quarter valued at about $1,754,000. Finally, Frank Rimerman Advisors LLC acquired a new position in shares of Reddit during the third quarter worth about $1,479,000.

Analyst Ratings Changes

RDDT has been the topic of a number of research analyst reports. Citigroup raised their target price on Reddit from $70.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Piper Sandler reiterated an "overweight" rating and issued a $115.00 target price (up from $70.00) on shares of Reddit in a research report on Wednesday, October 30th. Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research note on Thursday, October 10th. Morgan Stanley raised their price objective on shares of Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 23rd. Finally, JMP Securities upped their price target on shares of Reddit from $84.00 to $118.00 and gave the company a "market outperform" rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $89.72.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares of the company's stock, valued at $10,499,597.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the firm's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 394,327 shares of company stock worth $24,868,094 over the last 90 days.

Reddit Price Performance

RDDT traded up $3.36 during midday trading on Friday, reaching $134.80. The company's stock had a trading volume of 4,361,215 shares, compared to its average volume of 4,881,926. The stock's 50-day moving average is $75.18 and its 200-day moving average is $64.35. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $134.80.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly 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. The business had revenue of $348.40 million for the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business's revenue was up 67.9% on a year-over-year basis. Analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

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.