ARK Investment Management LLC Buys 192,785 Shares of Reddit, Inc. (NYSE:RDDT)

ARK Investment Management LLC boosted its stake in shares of Reddit, Inc. (NYSE:RDDT) by 120.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 352,721 shares of the company’s stock after acquiring an additional 192,785 shares during the quarter. ARK Investment Management LLC’s holdings in Reddit were worth $23,251,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the 3rd quarter worth about $474,403,000. Inclusive Capital Partners L.P. acquired a new position in shares of Reddit in the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. bought a new stake in Reddit during the 1st quarter worth approximately $82,167,000. Bank of New York Mellon Corp grew its holdings in shares of Reddit by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RDDT shares. Raymond James upped their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Roth Mkm lifted their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $115.00 target price (up from $70.00) on shares of Reddit in a research report on Wednesday, October 30th. Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Needham & Company LLC increased their price objective on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average target price of $89.72.

Reddit Price Performance

RDDT opened at $131.47 on Friday. The business’s 50-day moving average price is $73.72 and its two-hundred day moving average price is $63.88. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $133.25.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares in the company, valued at $10,499,597.27. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now owns 46,459 shares in the company, valued at $5,314,909.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 394,327 shares of company stock valued at $24,868,094.

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.