Wilmington Savings Fund Society FSB Buys Shares of 59,608 Reddit, Inc. (NYSE:RDDT)

Wilmington Savings Fund Society FSB purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 59,608 shares of the company's stock, valued at approximately $3,929,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Reddit in the 2nd quarter valued at approximately $19,876,000. Raymond James & Associates raised its holdings in shares of Reddit by 706.1% during the second quarter. Raymond James & Associates now owns 42,641 shares of the company's stock worth $2,724,000 after purchasing an additional 37,351 shares during the period. Carnegie Investment Counsel bought a new position in shares of Reddit in the 2nd quarter worth about $8,068,000. Bank of New York Mellon Corp boosted its holdings in shares of Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company's stock valued at $106,288,000 after buying an additional 153,282 shares during the period. Finally, ARK Investment Management LLC boosted its holdings in shares of Reddit by 1,491.2% in the 2nd quarter. ARK Investment Management LLC now owns 159,936 shares of the company's stock valued at $10,218,000 after buying an additional 149,885 shares during the period.

Insider Transactions 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 shares were 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 of the company's stock, valued at $38,578,562.25. The trade was a 2.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the firm's stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares of the company's stock, valued at approximately $5,314,909.60. This trade represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 325,644 shares of company stock valued at $31,195,790 over the last three months.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RDDT shares. Wells Fargo & Company began coverage on shares of Reddit in a research note on Wednesday. They set an "overweight" rating and a $206.00 price objective on the stock. Sanford C. Bernstein raised their price target on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday, October 30th. Raymond James upped their price objective on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a research note on Thursday, October 10th. Morgan Stanley raised Reddit from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $70.00 to $200.00 in a research report on Monday. Finally, Jefferies Financial Group boosted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $124.42.

Reddit Price Performance

NYSE RDDT traded up $7.15 on Friday, reaching $170.66. The company's stock had a trading volume of 3,632,106 shares, compared to its average volume of 5,131,864. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $180.74. The firm's 50 day moving average is $115.99 and its two-hundred day moving average is $80.43.

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 analysts' consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during 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% compared to the same quarter last year. As a group, analysts expect that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Reddit 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.