Holocene Advisors LP Has $198.15 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Holocene Advisors LP boosted its position in Reddit, Inc. (NYSE:RDDT) by 177.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,005,977 shares of the company’s stock after buying an additional 1,923,109 shares during the period. Holocene Advisors LP owned approximately 1.71% of Reddit worth $198,154,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in RDDT. StoneCrest Wealth Management Inc. increased its holdings in shares of Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after acquiring an additional 176 shares in the last quarter. Whittier Trust Co. acquired a new stake in Reddit in the 3rd quarter valued at $42,000. Vestor Capital LLC increased its stake in 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 purchasing an additional 922 shares in the last quarter. SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter worth $78,000. Finally, Daiwa Securities Group Inc. bought a new position in shares of Reddit in the third quarter valued at $85,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of analyst reports. JMP Securities upped their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. Bank of America increased their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. B. Riley reaffirmed a “buy” rating and set a $112.00 target price (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Finally, The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $103.17.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 311,644 shares of company stock worth $29,210,730.

Reddit Price Performance

Reddit stock opened at $144.10 on Monday. The firm has a 50 day moving average price of $99.72 and a 200-day moving average price of $74.46. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. On average, research analysts predict that Reddit, Inc. will post -3.63 EPS for the current fiscal 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.