Fmr LLC Has $801.43 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Fmr LLC raised its position in Reddit, Inc. (NYSE:RDDT) by 302.8% in the third quarter, HoldingsChannel reports. The fund owned 12,157,591 shares of the company’s stock after purchasing an additional 9,139,196 shares during the quarter. Fmr LLC owned approximately 0.07% of Reddit worth $801,428,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. StoneCrest Wealth Management Inc. lifted its holdings in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares in the last quarter. Whittier Trust Co. acquired a new position in Reddit during the third quarter worth $42,000. Vestor Capital LLC lifted its stake in shares of Reddit by 1.1% in the third 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 in the last quarter. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the second quarter valued at about $78,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Reddit during the third quarter worth about $85,000.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Needham & Company LLC raised their price target on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Bank of America raised their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. B. Riley restated a “buy” rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Finally, Raymond James increased their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.17.

Reddit Price Performance

Shares of RDDT stock opened at $140.04 on Thursday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $158.49. The company’s fifty day simple moving average is $96.72 and its two-hundred day simple moving average is $73.23.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. Research analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 14.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 318,358 shares of company stock worth $29,612,496 over the last ninety days.

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.