XTX Topco Ltd Acquires New Stake in Reddit, Inc. (NYSE:RDDT)

XTX Topco Ltd purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 7,237 shares of the company's stock, valued at approximately $477,000.

Other hedge funds have also modified their holdings of the company. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter valued at about $42,000. Daiwa Securities Group Inc. purchased a new stake in Reddit in the 3rd quarter worth approximately $85,000. UMB Bank n.a. acquired a new position in Reddit in the 2nd quarter valued at $88,000. Hsbc Holdings PLC purchased a new position in shares of Reddit during the 2nd quarter worth $203,000. Finally, Paragon Capital Management Ltd acquired a new stake in shares of Reddit during the third quarter worth $204,000.

Analyst Ratings Changes

Several equities analysts recently weighed in on RDDT shares. The Goldman Sachs Group increased their target price on Reddit from $60.00 to $68.00 and gave the stock a "neutral" rating in a research report on Monday, October 14th. Robert W. Baird upped their target price on Reddit from $100.00 to $160.00 and gave the stock a "neutral" rating in a research report on Wednesday. Needham & Company LLC lifted their price target on shares of Reddit from $120.00 to $190.00 and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. increased 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. Finally, Raymond James raised their price target on Reddit from $70.00 to $80.00 and gave the stock a "strong-buy" rating in a report on Thursday, October 10th. One 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 company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $124.42.

Reddit Stock Up 5.6 %

Shares of NYSE:RDDT traded up $9.14 during midday trading on Friday, reaching $172.65. The company's stock had a trading volume of 4,893,316 shares, compared to its average volume of 7,091,066. The firm has a 50 day moving average price of $117.99 and a two-hundred day moving average price of $81.41. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $180.74.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate 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 for the quarter was up 67.9% on a year-over-year basis. Equities research analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current year.

Insider Activity 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 stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company's stock, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the sale, the chief operating officer now directly owns 1,542,457 shares of the company's stock, valued at approximately $91,282,605.26. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 325,644 shares of company stock valued at $31,195,790.

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.