JAT Capital Mgmt LP Increases Stock Position in Reddit, Inc. (NYSE:RDDT)

JAT Capital Mgmt LP grew its stake in shares of Reddit, Inc. (NYSE:RDDT) by 93.2% in the third quarter, Holdings Channel reports. The fund owned 517,235 shares of the company’s stock after acquiring an additional 249,520 shares during the quarter. Reddit accounts for about 5.5% of JAT Capital Mgmt LP’s portfolio, making the stock its 7th largest position. JAT Capital Mgmt LP’s holdings in Reddit were worth $34,096,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of RDDT. PDT Partners LLC bought a new position in shares of Reddit during the 3rd quarter worth $3,289,000. Woodson Capital Management LP bought a new position in Reddit during the third quarter worth about $18,786,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Reddit in the third quarter valued at approximately $2,724,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Reddit during the 3rd quarter valued at approximately $349,000. Finally, BNP Paribas Financial Markets grew its stake in Reddit by 29,415.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 417,047 shares of the company’s stock valued at $27,492,000 after buying an additional 415,634 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. B. Riley restated a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Sanford C. Bernstein upped their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Needham & Company LLC raised their price target on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and set a $150.00 price target (up from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to 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 news, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. The trade was a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 311,644 shares of company stock worth $29,210,730.

Reddit Price Performance

Shares of Reddit stock opened at $140.69 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $158.49. The company’s fifty day simple moving average is $99.72 and its two-hundred day simple moving average is $74.27.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal 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.