Scientech Research LLC Purchases 10,601 Shares of Reddit, Inc. (NYSE:RDDT)

Scientech Research LLC lifted its holdings in Reddit, Inc. (NYSE:RDDT) by 120.0% in the 2nd quarter, Holdings Channel reports. The firm owned 19,432 shares of the company’s stock after acquiring an additional 10,601 shares during the period. Scientech Research LLC’s holdings in Reddit were worth $1,242,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. BNP Paribas Financial Markets bought a new position in Reddit during the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the first quarter valued at approximately $63,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit during the second quarter valued at approximately $78,000. Sandia Investment Management LP bought a new position in shares of Reddit in the 1st quarter worth $79,000. Finally, UMB Bank n.a. bought a new stake in shares of Reddit in the 2nd quarter valued at about $88,000.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RDDT shares. Loop Capital upgraded shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Thursday, August 1st. Raymond James increased their price objective on shares of Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 31st. Morgan Stanley boosted their price target on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein increased their price objective on shares of Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Monday, July 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $75.00 price target on shares of Reddit in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $66.12.

Reddit Stock Up 0.8 %

NYSE RDDT opened at $67.07 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $78.08. The stock has a 50-day moving average price of $59.35.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during 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 period in the prior year, the company posted ($0.70) earnings per share. As a group, equities analysts expect that Reddit, Inc. will post -4.13 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the company’s stock in a transaction that occurred 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 sale, the insider now owns 194,473 shares of the company’s stock, valued at approximately $10,499,597.27. The disclosure for this sale can be found here. In the last three months, insiders sold 323,993 shares of company stock valued at $18,590,619.

Reddit Company 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.