Hsbc Holdings PLC Acquires Shares of 3,233 Reddit, Inc. (NYSE:RDDT)

Hsbc Holdings PLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,233 shares of the company’s stock, valued at approximately $203,000.

Several other hedge funds and other institutional investors also recently modified their holdings of RDDT. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter valued at about $37,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the 2nd quarter worth $78,000. ANTIPODES PARTNERS Ltd acquired a new stake in Reddit in the first quarter worth $63,000. UMB Bank n.a. bought a new stake in Reddit in the second quarter valued at $88,000. Finally, Sandia Investment Management LP acquired a new position in shares of Reddit during the first quarter valued at $79,000.

Insider Transactions 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 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $43,147,505. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $43,147,505. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 8,000 shares of the stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $60.00, for a total value of $480,000.00. Following the completion of the sale, the chief accounting officer now directly owns 66,238 shares of the company’s stock, valued at approximately $3,974,280. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,993 shares of company stock valued at $19,517,419 over the last ninety days.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RDDT shares. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price objective on shares of Reddit in a research report on Wednesday, September 18th. Raymond James lifted their price target on Reddit from $65.00 to $70.00 and gave the company a “strong-buy” rating in a report on Wednesday, July 31st. Morgan Stanley increased their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Piper Sandler boosted their price target on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.12.

Reddit Price Performance

RDDT opened at $72.38 on Friday. The business has a fifty day simple moving average of $59.68 and a 200-day simple moving average of $57.58. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.70) EPS. As a group, equities analysts expect that Reddit, Inc. will post -4.13 EPS for the current year.

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.