28,500 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Claro Advisors LLC

Claro Advisors LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the third quarter, HoldingsChannel.com reports. The firm acquired 28,500 shares of the company’s stock, valued at approximately $1,879,000.

Other large investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in shares of Reddit during the first quarter worth about $37,000. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth about $42,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the second quarter valued at approximately $78,000. Sandia Investment Management LP bought a new stake in shares of Reddit during the first quarter valued at approximately $79,000. Finally, UMB Bank n.a. acquired a new position in shares of Reddit during the second quarter worth approximately $88,000.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were 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 $100,275,129.57. The trade was a 3.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 12,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 14.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 364,327 shares of company stock valued at $23,298,794.

Reddit Stock Performance

NYSE:RDDT opened at $124.78 on Friday. The stock’s 50 day moving average price is $83.78 and its 200 day moving average price is $68.12. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $139.04.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Bank of America lifted their target price on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. JMP Securities lifted their price objective on shares of Reddit from $84.00 to $118.00 and gave the company a “market outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group upped their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Jefferies Financial Group raised their target price on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Finally, Loop Capital upped their price target on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $89.72.

About Reddit

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.