Reddit, Inc. (NYSE:RDDT) Shares Bought by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its position in Reddit, Inc. (NYSE:RDDT) by 194.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 503,321 shares of the company’s stock after acquiring an additional 332,604 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.29% of Reddit worth $33,179,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of RDDT. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit during the third quarter worth approximately $474,403,000. Vanguard Group Inc. acquired a new stake in shares of Reddit during the first quarter worth approximately $82,167,000. Bank of New York Mellon Corp grew its position in shares of Reddit by 10.1% during the second 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. Marshall Wace LLP grew its position in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 shares in the last quarter. Finally, Maverick Capital Ltd. grew its position in shares of Reddit by 147.4% during the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after buying an additional 442,145 shares in the last quarter.

Reddit Trading Up 5.8 %

Shares of Reddit stock opened at $149.92 on Wednesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49. The stock has a 50-day simple moving average of $102.91 and a 200-day simple moving average of $75.68.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Equities research analysts expect that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. The Goldman Sachs Group raised their price objective on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. B. Riley restated a “buy” rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Citigroup raised their price objective on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Sanford C. Bernstein raised their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. 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 assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $103.17.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. This represents a 2.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the transaction, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 325,644 shares of company stock worth $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.