UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 41,323 shares of the company's stock, valued at approximately $2,724,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Whittier Trust Co. purchased a new stake in Reddit during the 3rd quarter valued at about $42,000. Daiwa Securities Group Inc. bought a new stake in shares of Reddit in the third quarter valued at about $85,000. UMB Bank n.a. acquired a new position in shares of Reddit during the second quarter valued at about $88,000. Hsbc Holdings PLC purchased a new stake in Reddit in the second quarter valued at approximately $203,000. Finally, Paragon Capital Management Ltd purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $204,000.

Reddit Stock Up 5.6 %

Shares of RDDT traded up $9.14 during midday trading on Friday, reaching $172.65. The stock had a trading volume of 4,893,316 shares, 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 firm's 50 day moving average price is $117.99 and its 200-day moving average price is $81.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share 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 for the quarter, compared to analyst estimates of $313.61 million. Reddit's revenue was up 67.9% on a year-over-year basis. On average, equities analysts predict that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Piper Sandler reaffirmed an "overweight" rating and issued a $150.00 price target (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Robert W. Baird increased their price objective on Reddit from $100.00 to $160.00 and gave the stock a "neutral" rating in a report on Wednesday. Raymond James increased their target price on Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a report on Thursday, October 10th. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, December 2nd. Finally, JMP Securities boosted 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. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $124.42.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 634,971 shares of the company's stock, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the firm's stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at approximately $53,784,256. This trade represents a 1.33 % 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 three months.

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.