5,924 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Objective Capital Management LLC

Objective Capital Management LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 5,924 shares of the company’s stock, valued at approximately $391,000.

Several other institutional investors have also recently bought and sold shares of the stock. StoneCrest Wealth Management Inc. raised its position in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares during the last quarter. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth approximately $42,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at $37,000. Vestor Capital LLC raised its position in shares of Reddit by 1.1% during the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after acquiring an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter valued at $78,000.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RDDT shares. Piper Sandler reissued an “overweight” rating and issued a $115.00 price target (up previously from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Citigroup boosted their price target on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. B. Riley reissued a “buy” rating and issued a $112.00 price target (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Morgan Stanley boosted their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Loop Capital boosted their price target on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

Reddit Trading Up 2.6 %

Shares of Reddit stock traded up $3.36 during trading hours on Friday, reaching $134.80. 4,402,023 shares of the company’s stock were exchanged, compared to its average volume of 4,881,926. The company has a 50 day moving average of $75.18 and a two-hundred day moving average of $64.35. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $134.80.

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

Insider Activity

In other news, Director Mary Porter Gale sold 30,000 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the sale, the director now directly owns 71,459 shares of the company’s stock, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the transaction, the director now directly owns 71,459 shares in the company, valued at approximately $3,738,020.29. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 394,327 shares of company stock valued at $24,868,094.

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.