Quantbot Technologies LP Takes Position in Reddit, Inc. (NYSE:RDDT)

Quantbot Technologies LP acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 109,587 shares of the company’s stock, valued at approximately $7,224,000. Quantbot Technologies LP owned 0.06% of Reddit as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Reddit during the 3rd quarter worth approximately $1,053,000. West Tower Group LLC increased its holdings in Reddit by 150.0% in the 3rd quarter. West Tower Group LLC now owns 5,000 shares of the company’s stock valued at $330,000 after purchasing an additional 3,000 shares during the last quarter. Daiwa Securities Group Inc. purchased a new stake in Reddit in the third quarter valued at approximately $85,000. Finally, Portman Ltd purchased a new stake in Reddit in the third quarter valued at approximately $7,057,000.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RDDT. Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday. Piper Sandler restated an “overweight” rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. B. Riley reiterated a “buy” rating and set a $112.00 price target (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. The Goldman Sachs Group increased their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Finally, Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $98.17.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now owns 658,352 shares in the company, valued at approximately $39,395,783.68. The trade was a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.01, for a total value of $3,066,210.00. Following the completion of the sale, the chief technology officer now directly owns 297,925 shares of the company’s stock, valued at $43,500,029.25. The trade was a 6.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 298,520 shares of company stock valued at $26,771,297 over the last three months.

Reddit Trading Down 3.2 %

Shares of RDDT stock opened at $141.95 on Tuesday. The firm has a fifty day moving average price of $93.72 and a 200 day moving average price of $72.18. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49.

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, topping the consensus estimate 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 business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.

About Reddit

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.