Anson Funds Management LP Invests $3.30 Million in Reddit, Inc. (NYSE:RDDT)

Anson Funds Management LP bought a new position in Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 50,000 shares of the company’s stock, valued at approximately $3,296,000.

Several other large investors have also made changes to their positions in the company. SOA Wealth Advisors LLC. acquired a new position in Reddit during the 2nd quarter worth about $78,000. Sumitomo Mitsui Trust Holdings Inc. acquired a new position in Reddit during the 2nd quarter worth about $19,876,000. Raymond James & Associates lifted its position in Reddit by 706.1% during the 2nd quarter. Raymond James & Associates now owns 42,641 shares of the company’s stock worth $2,724,000 after buying an additional 37,351 shares in the last quarter. Carnegie Investment Counsel acquired a new position in Reddit during the 2nd quarter worth about $8,068,000. Finally, Bank of New York Mellon Corp lifted its position in Reddit by 10.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after buying an additional 153,282 shares in the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the topic of several research reports. JPMorgan Chase & Co. upped their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Needham & Company LLC upped their target price 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. Citigroup upped their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein upped their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $103.17.

Reddit Price Performance

NYSE RDDT opened at $162.76 on Friday. The business has a 50 day simple moving average of $108.29 and a 200 day simple moving average of $77.59. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $163.72.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (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 business had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. Equities analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares of the company’s stock, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 325,644 shares of company stock valued at $31,195,790.

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.