Holocene Advisors LP Boosts Position in Reddit, Inc. (NYSE:RDDT)

Holocene Advisors LP lifted its position in Reddit, Inc. (NYSE:RDDT) by 177.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 3,005,977 shares of the company’s stock after purchasing an additional 1,923,109 shares during the period. Holocene Advisors LP’s holdings in Reddit were worth $198,154,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Whittier Trust Co. purchased a new position in Reddit during the third quarter valued at approximately $42,000. SOA Wealth Advisors LLC. bought a new position in Reddit in the 2nd quarter valued at $78,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit during the 3rd quarter valued at $85,000. UMB Bank n.a. bought a new position in shares of Reddit in the second quarter worth $88,000. Finally, Hsbc Holdings PLC purchased a new stake in shares of Reddit in the second quarter worth $203,000.

Reddit Trading Up 2.4 %

RDDT opened at $144.10 on Monday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49. The business’s 50-day moving average price is $99.72 and its 200-day moving average price is $74.46.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share 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 during the quarter, compared to analyst estimates of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. This represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at $53,784,256. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,644 shares of company stock valued at $29,210,730 in the last quarter.

Analyst Upgrades and Downgrades

Several research firms recently commented on RDDT. The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Loop Capital upped their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Finally, B. Riley reissued a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

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.