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The Manufacturers Life Insurance Company Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Reddit logo with Computer and Technology background

The Manufacturers Life Insurance Company bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 15,979 shares of the company's stock, valued at approximately $1,053,000.

Other large investors also recently added to or reduced their stakes in the company. Whittier Trust Co. bought a new stake in Reddit during the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. purchased a new position in Reddit during the second quarter valued at approximately $78,000. Daiwa Securities Group Inc. purchased a new position in Reddit during the third quarter valued at approximately $85,000. UMB Bank n.a. purchased a new position in Reddit during the second quarter valued at approximately $88,000. Finally, Paragon Capital Management Ltd purchased a new position in Reddit during the third quarter valued at approximately $204,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of several analyst reports. 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 report on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a report on Monday, October 7th. Roth Mkm boosted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Raymond James boosted their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a report on Thursday, October 10th. Finally, Robert W. Baird boosted their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a "neutral" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $124.42.

Get Our Latest Stock Analysis on Reddit

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the sale, the chief executive officer now directly owns 634,971 shares of the company's stock, valued at $90,032,538.09. This represents a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the company's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares of the company's stock, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 325,644 shares of company stock worth $31,195,790.

Reddit Trading Down 1.4 %

RDDT stock traded down $2.37 during mid-day trading on Thursday, reaching $163.55. 3,526,637 shares of the stock traded hands, compared to its average volume of 5,137,479. Reddit, Inc. has a one year low of $37.35 and a one year high of $180.74. The business has a 50-day moving average price of $114.07 and a two-hundred day moving average price of $79.85.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 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 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 firm's revenue was up 67.9% on a year-over-year basis. As a group, analysts anticipate that Reddit, Inc. will post -3.54 earnings per share for the current 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.

Further Reading

Institutional Ownership by Quarter for Reddit (NYSE:RDDT)

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