Penserra Capital Management LLC Grows Holdings in Reddit, Inc. (NYSE:RDDT)

Penserra Capital Management LLC lifted its position in shares of Reddit, Inc. (NYSE:RDDT) by 63.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 48,945 shares of the company’s stock after buying an additional 18,932 shares during the quarter. Penserra Capital Management LLC’s holdings in Reddit were worth $3,226,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. VY Capital Management Co. Ltd. purchased a new position in Reddit during the third quarter worth about $474,403,000. Vanguard Group Inc. purchased a new position in shares of Reddit during the 1st quarter worth about $82,167,000. Bank of New York Mellon Corp boosted its position in shares of Reddit by 10.1% in 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 acquiring an additional 153,282 shares during the last quarter. Marshall Wace LLP grew its holdings in Reddit by 117.2% in 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 period. Finally, Price T Rowe Associates Inc. MD acquired a new position in Reddit during the first quarter worth approximately $37,015,000.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Piper Sandler reissued an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Loop Capital boosted their price target on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. B. Riley reiterated a “buy” rating and set a $112.00 target price (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Finally, Bank of America increased their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $98.17.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. The trade was a 14.26 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 298,520 shares of company stock valued at $26,771,297 over the last three months.

Reddit Stock Down 3.2 %

Shares of RDDT opened at $141.95 on Tuesday. The business’s 50 day moving average is $93.72 and its two-hundred day moving average is $72.18. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49.

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

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.