Y Intercept Hong Kong Ltd Takes Position in Reddit, Inc. (NYSE:RDDT)

Y Intercept Hong Kong Ltd purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 7,505 shares of the company's stock, valued at approximately $495,000.

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

Reddit Stock Performance

RDDT stock traded up $5.45 during mid-day trading on Monday, reaching $178.10. The company had a trading volume of 8,795,939 shares, compared to its average volume of 5,160,123. Reddit, Inc. has a one year low of $37.35 and a one year high of $180.74. The stock's 50-day simple moving average is $120.15 and its two-hundred day simple moving average is $82.44.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS 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 company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The business's revenue was up 67.9% compared to the same quarter last year. On average, research analysts predict that Reddit, Inc. will post -3.46 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RDDT. Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. Raymond James lifted their price objective on Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a research report on Thursday, October 10th. JMP Securities increased their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a "market outperform" rating in a research note on Monday, November 25th. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $124.42.

Insider Activity

In related news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the transaction, the chief financial officer now directly owns 840,379 shares of the company's stock, valued at $53,784,256. The trade was a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now owns 634,971 shares in the company, valued at approximately $90,032,538.09. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 278,311 shares of company stock valued at $28,394,483.

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.