Wellington Management Group LLP lifted its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 3,640.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 255,325 shares of the company's stock after acquiring an additional 248,499 shares during the quarter. Wellington Management Group LLP owned 0.15% of Reddit worth $16,831,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. ARK Investment Management LLC raised its holdings in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock valued at $23,251,000 after acquiring an additional 192,785 shares in the last quarter. Victory Capital Management Inc. lifted its position in Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock worth $33,231,000 after acquiring an additional 453,894 shares during the period. Mission Creek Capital Partners Inc. purchased a new position in Reddit during the 3rd quarter worth approximately $7,490,000. Quadrature Capital Ltd acquired a new position in Reddit during the third quarter valued at $3,801,000. Finally, Objective Capital Management LLC acquired a new stake in Reddit during the third quarter worth about $391,000.
Insider Buying and Selling at Reddit
In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction 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 sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock valued at $31,195,790 in the last ninety days.
Analyst Ratings Changes
A number of brokerages have weighed in on RDDT. JMP Securities upped their price objective on shares of Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a research report on Monday, November 25th. Bank of America boosted their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Loop Capital raised their target price on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research note on Monday, December 2nd. Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a research report on Wednesday, October 30th. Finally, Roth Mkm lifted their price target on shares of Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $124.42.
View Our Latest Stock Report on Reddit
Reddit Price Performance
RDDT stock traded up $9.14 during trading on Friday, hitting $172.65. 4,893,316 shares of the company's stock were exchanged, compared to its average volume of 7,091,066. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $180.74. The business has a 50-day moving average price of $117.99 and a two-hundred day moving average price of $81.41.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company's quarterly revenue was up 67.9% compared to the same quarter last year. Equities research analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.
Reddit Company Profile
(
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.
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