6,769 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Cerity Partners LLC

Cerity Partners LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the third quarter, according to its most recent filing with the SEC. The fund purchased 6,769 shares of the company’s stock, valued at approximately $446,000.

Several other hedge funds have also bought and sold shares of the stock. ARK Investment Management LLC increased its holdings in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Victory Capital Management Inc. grew its holdings in Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after buying an additional 453,894 shares in the last quarter. Objective Capital Management LLC purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $391,000. VY Capital Management Co. Ltd. bought a new position in shares of Reddit during the 3rd quarter valued at approximately $474,403,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after purchasing an additional 332,604 shares in the last quarter.

Insider Activity

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 325,644 shares of company stock worth $31,195,790.

Reddit Stock Performance

RDDT opened at $162.76 on Monday. The stock’s fifty day moving average is $108.29 and its two-hundred day moving average is $77.74. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $163.72.

Reddit (NYSE:RDDT) last posted its quarterly 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. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue was up 67.9% compared to the same quarter last year. On average, research analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on RDDT. Loop Capital upped their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Bank of America increased their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Finally, The Goldman Sachs Group boosted their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $103.17.

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.