Marshall Wace LLP Increases Stock Position in Reddit, Inc. (NYSE:RDDT)

Marshall Wace LLP grew its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 117.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 847,929 shares of the company’s stock after purchasing an additional 457,588 shares during the quarter. Marshall Wace LLP owned approximately 0.52% of Reddit worth $54,174,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Congress Park Capital LLC bought a new stake in Reddit during the first quarter valued at approximately $279,000. Commonwealth Equity Services LLC bought a new position in Reddit in the 1st quarter worth about $1,111,000. BNP Paribas Financial Markets purchased a new position in Reddit in the 1st quarter worth approximately $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the first quarter valued at $265,000. Finally, ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the first quarter worth approximately $63,000.

Analyst Ratings Changes

A number of brokerages recently commented on RDDT. Morgan Stanley raised their target price on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. JPMorgan Chase & Co. cut their target price on Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Sanford C. Bernstein upped their target price on Reddit from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Monday, July 22nd. Bank of America increased their price target on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Piper Sandler raised their price target on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $66.12.

Reddit Price Performance

Shares of Reddit stock opened at $67.88 on Thursday. The stock’s 50-day moving average is $59.24. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The company’s revenue was up 53.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.70) EPS. On average, sell-side analysts predict that Reddit, Inc. will post -4.17 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the transaction, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares in the company, valued at approximately $36,293,560.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the transaction, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The disclosure for this sale can be found here. Insiders have sold a total of 323,993 shares of company stock worth $18,590,619 over the last ninety days.

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.