Quantbot Technologies LP Makes New $7.22 Million Investment in Reddit, Inc. (NYSE:RDDT)

Quantbot Technologies LP acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 109,587 shares of the company’s stock, valued at approximately $7,224,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. purchased a new position in Reddit during the 3rd quarter worth $474,403,000. Vanguard Group Inc. acquired a new stake in shares of Reddit in the 1st quarter worth $82,167,000. Bank of New York Mellon Corp boosted its holdings in shares of Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after acquiring an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after acquiring an additional 457,588 shares during the period.

Analyst Ratings Changes

A number of equities research analysts recently commented on RDDT shares. Needham & Company LLC raised their price objective on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. raised their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Cannonball Research started coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price target on the stock. Roth Mkm increased their price objective on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Loop Capital raised their target price on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.01, for a total value of $3,066,210.00. Following the transaction, the chief technology officer now directly owns 297,925 shares in the company, valued at approximately $43,500,029.25. This represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 298,520 shares of company stock valued at $26,771,297.

Reddit Stock Performance

Shares of RDDT opened at $141.95 on Tuesday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $158.49. The company has a 50-day moving average of $93.72 and a two-hundred day moving average of $72.18.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.

Reddit 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.