Barclays PLC Sells 135,228 Shares of Reddit, Inc. (NYSE:RDDT)

Barclays PLC lessened its position in shares of Reddit, Inc. (NYSE:RDDT) by 90.9% in the third quarter, Holdings Channel.com reports. The firm owned 13,507 shares of the company’s stock after selling 135,228 shares during the period. Barclays PLC’s holdings in Reddit were worth $890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Victory Capital Management Inc. acquired a new position in shares of Reddit during the second quarter worth about $3,209,000. WINTON GROUP Ltd bought a new stake in Reddit in the 2nd quarter valued at approximately $467,000. Renaissance Technologies LLC acquired a new position in Reddit during the 2nd quarter worth approximately $13,411,000. Hsbc Holdings PLC bought a new position in shares of Reddit during the 2nd quarter worth approximately $203,000. Finally, Marshall Wace LLP raised its holdings in shares of Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RDDT. JMP Securities lifted their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. Raymond James lifted their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Sanford C. Bernstein raised their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $148.25.

Reddit Stock Up 0.2 %

Reddit stock opened at $165.04 on Wednesday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69. The stock’s 50 day moving average is $155.39 and its 200-day moving average is $98.65.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. Research analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 217,023 shares of company stock valued at $31,699,295.

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.