Sanders Morris Harris LLC Acquires Shares of 2,428 Reddit, Inc. (NYSE:RDDT)

Sanders Morris Harris LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 2,428 shares of the company’s stock, valued at approximately $397,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. ARK Investment Management LLC grew its holdings in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Geode Capital Management LLC raised its position in Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares during the last quarter. Finally, Mission Creek Capital Partners Inc. acquired a new position in Reddit during the 3rd quarter worth $7,490,000.

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 217,023 shares of company stock worth $31,699,295.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Loop Capital lifted their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Sanford C. Bernstein lifted their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Guggenheim started coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. Finally, Piper Sandler raised their price objective on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.25.

Reddit Stock Performance

Shares of Reddit stock opened at $173.15 on Thursday. Reddit, Inc. has a one year low of $37.35 and a one year high of $187.69. The stock’s 50-day moving average is $155.39 and its 200-day moving average is $98.65.

Reddit (NYSE:RDDT) last released its quarterly 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities research analysts expect that Reddit, Inc. will post -3.46 EPS for the current year.

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.