Victory Capital Management Inc. grew its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 903.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 504,116 shares of the company's stock after purchasing an additional 453,894 shares during the quarter. Victory Capital Management Inc. owned about 0.30% of Reddit worth $33,231,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of RDDT. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth $474,403,000. Inclusive Capital Partners L.P. acquired a new position in shares of Reddit during the 1st quarter valued at about $103,051,000. Vanguard Group Inc. bought a new position in shares of Reddit in the 1st quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD acquired a new stake in Reddit in the 1st quarter worth approximately $37,015,000. Finally, Blackstone Inc. bought a new stake in Reddit during the first quarter worth approximately $36,990,000.
In other Reddit news, CTO Christopher Brian Slowe sold 21,000 shares of the company's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $1,133,790.00. Following the sale, the chief technology officer now directly owns 339,295 shares of the company's stock, valued at approximately $18,318,537.05. This represents a 5.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now owns 46,459 shares of the company's stock, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 364,327 shares of company stock worth $23,298,794 in the last 90 days.
RDDT has been the subject of a number of analyst reports. Bank of America boosted their price objective on shares of Reddit from $84.00 to $99.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 30th. The Goldman Sachs Group boosted their target price 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. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price objective on Reddit from $63.00 to $70.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. increased their target price on Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. One investment 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. According to data from MarketBeat.com, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $89.72.
Check Out Our Latest Stock Analysis on RDDT
Shares of RDDT stock opened at $124.78 on Friday. The firm has a fifty day moving average of $83.78 and a 200-day moving average of $68.12. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $139.04.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results 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. The firm 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 company's revenue for the quarter was up 67.9% compared to the same quarter last year. Sell-side analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.
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.
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