Sora Investors LLC 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 (SEC). The fund purchased 65,000 shares of the company's stock, valued at approximately $4,285,000.
Several other institutional investors have also added to or reduced their stakes in RDDT. FMR LLC grew its holdings in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit during the third quarter worth about $474,403,000. Point72 Asset Management L.P. grew its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP increased its holdings in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Avala Global LP raised its position in Reddit by 680.1% during the 3rd quarter. Avala Global LP now owns 546,100 shares of the company's stock valued at $35,999,000 after purchasing an additional 476,100 shares during the last quarter.
Reddit Stock Performance
RDDT traded up $7.37 during trading on Friday, hitting $160.46. 3,354,454 shares of the company's stock traded hands, compared to its average volume of 5,020,606. The company's 50 day simple moving average is $106.37 and its two-hundred day simple moving average is $76.76. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $161.00.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 for the quarter, compared to analysts' expectations of $313.61 million. The firm's revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the company. Citigroup lifted their price objective on Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a research report on Wednesday, October 30th. 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 report on Wednesday, October 30th. 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 research report on Thursday, October 10th. B. Riley reaffirmed a "buy" rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Finally, Needham & Company LLC lifted their price objective on Reddit from $85.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $103.17.
Read Our Latest Stock Report on Reddit
Insider Activity at Reddit
In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company's stock, valued at $38,578,562.25. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 325,644 shares of company stock worth $31,195,790 over the last quarter.
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.
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