Point72 Asset Management L.P. Sells 117,227 Shares of Reddit, Inc. (NYSE:RDDT)

Point72 Asset Management L.P. lessened its stake in shares of Reddit, Inc. (NYSE:RDDT) by 62.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 70,173 shares of the company’s stock after selling 117,227 shares during the quarter. Point72 Asset Management L.P.’s holdings in Reddit were worth $4,483,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Cannonball Research assumed coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. Piper Sandler upped their price target on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. B. Riley initiated coverage on Reddit in a research note on Friday, September 20th. They set a “buy” rating and a $75.00 price objective for the company. Morgan Stanley increased their target price 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, Raymond James lifted their price target on Reddit from $65.00 to $70.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $66.12.

Reddit Stock Up 2.7 %

RDDT stock opened at $67.78 on Thursday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08. The firm has a 50 day moving average of $59.37.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the prior year, the business earned ($0.70) earnings per share. Reddit’s revenue was up 53.6% on a year-over-year basis. Equities research analysts predict that Reddit, Inc. will post -4.13 EPS for the current fiscal year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the company’s 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CFO Andrew Vollero sold 11,287 shares of the 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 in the company, valued at approximately $53,784,256. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 6,714 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the completion of the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at $39,395,783.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 337,993 shares of company stock worth $19,517,419.

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.