Geode Capital Management LLC Acquires 525,619 Shares of Reddit, Inc. (NYSE:RDDT)

Geode Capital Management LLC increased its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 176.0% during the 3rd quarter, HoldingsChannel reports. The firm owned 824,200 shares of the company’s stock after purchasing an additional 525,619 shares during the period. Geode Capital Management LLC’s holdings in Reddit were worth $54,355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Whittier Trust Co. bought a new position in Reddit in the third quarter valued at approximately $42,000. Daiwa Securities Group Inc. bought a new position in Reddit in the third quarter valued at $85,000. UMB Bank n.a. acquired a new stake in Reddit in the 2nd quarter valued at $88,000. Paragon Capital Management Ltd bought a new stake in Reddit during the 3rd quarter worth about $204,000. Finally, Hsbc Holdings PLC bought a new stake in Reddit during the 2nd quarter worth about $203,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent research reports. Citigroup lifted their target price on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. upped their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. B. Riley reissued a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Robert W. Baird upped their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $132.70.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $49,163,388.25. This represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,357 shares of company stock worth $32,041,530 over the last three months.

Reddit Price Performance

Shares of NYSE:RDDT opened at $170.71 on Monday. The business’s 50 day simple moving average is $127.73 and its 200 day simple moving average is $85.35. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $180.74.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit, Inc. will post -3.46 EPS for the current year.

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.