Reddit, Inc. (NYSE:RDDT) Shares Bought by Chartwell Investment Partners LLC

Chartwell Investment Partners LLC boosted its position in shares of Reddit, Inc. (NYSE:RDDT) by 80.8% in the third quarter, HoldingsChannel.com reports. The fund owned 22,544 shares of the company’s stock after acquiring an additional 10,072 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Reddit were worth $1,486,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. StoneCrest Wealth Management Inc. raised its stake in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Reddit during the 3rd quarter valued at about $42,000. BNP Paribas Financial Markets purchased a new position in shares of Reddit during the 1st quarter valued at about $37,000. Vestor Capital LLC raised its stake in shares of Reddit by 1.1% during the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after buying an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of Reddit during the 2nd quarter valued at about $78,000.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at approximately $36,293,560.96. 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 link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred 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 owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 364,327 shares of company stock worth $23,298,794 in the last ninety days.

Reddit Stock Performance

Shares of Reddit stock opened at $127.72 on Wednesday. The stock’s 50 day simple moving average is $78.06 and its 200-day simple moving average is $65.92. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $139.04.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Jefferies Financial Group lifted their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Sanford C. Bernstein lifted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group lifted their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. B. Riley restated a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Raymond James lifted their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued 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 an average target price of $89.72.

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.