Victory Capital Management Inc. Buys 453,894 Shares of Reddit, Inc. (NYSE:RDDT)

Victory Capital Management Inc. raised its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 903.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 504,116 shares of the company's stock after purchasing an additional 453,894 shares during the quarter. Victory Capital Management Inc. owned approximately 0.30% of Reddit worth $33,231,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RDDT. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at about $37,000. Whittier Trust Co. bought a new stake in Reddit during the 3rd quarter valued at approximately $42,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the 2nd quarter worth approximately $78,000. Sandia Investment Management LP bought a new position in shares of Reddit in the 1st quarter worth approximately $79,000. Finally, UMB Bank n.a. purchased a new position in shares of Reddit in the 2nd quarter valued at approximately $88,000.

Reddit Price Performance

Shares of NYSE:RDDT opened at $124.78 on Friday. The business has a 50-day simple moving average of $83.78 and a two-hundred day simple moving average of $68.12. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $139.04.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit's revenue was up 67.9% compared to the same quarter last year. Research analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the topic of several recent research reports. Bank of America upped their price target on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. Loop Capital upped their target price on shares of Reddit from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Piper Sandler reissued an "overweight" rating and set a $115.00 price target (up from $70.00) on shares of Reddit in a research report on Wednesday, October 30th. Jefferies Financial Group upped their price objective on shares of Reddit from $90.00 to $100.00 and gave the stock a "buy" rating in a report on Tuesday, October 22nd. Finally, Sanford C. Bernstein lifted their target price on shares of Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.72.

Insider Activity

In other news, Director Mary Porter Gale sold 5,000 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares of the company's stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of the firm's stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the completion of the transaction, the chief executive officer now directly owns 658,352 shares in the company, valued at approximately $39,395,783.68. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 364,327 shares of company stock valued at $23,298,794 in the last ninety days.

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.