State Street Corp Has $21.25 Million Stake in Reddit, Inc. (NYSE:RDDT)

State Street Corp increased its stake in Reddit, Inc. (NYSE:RDDT) by 189.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 322,321 shares of the company’s stock after acquiring an additional 210,921 shares during the quarter. State Street Corp owned 0.18% of Reddit worth $21,247,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. ARK Investment Management LLC increased its stake in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Reddit by 903.8% in 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 during the period. Mission Creek Capital Partners Inc. bought a new stake in Reddit in the 3rd quarter valued at about $7,490,000. Quadrature Capital Ltd acquired a new position in Reddit during the 3rd quarter worth approximately $3,801,000. Finally, Objective Capital Management LLC bought a new position in Reddit in the third quarter worth approximately $391,000.

Reddit Stock Down 1.2 %

NYSE:RDDT opened at $168.61 on Tuesday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $180.74. The firm’s 50 day moving average is $127.73 and its 200 day moving average is $85.53.

Reddit (NYSE:RDDT) last issued its 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 firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The firm’s revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $43,147,505. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,357 shares of company stock worth $32,041,530 over the last quarter.

Analysts Set New Price Targets

RDDT has been the subject of several recent research reports. Citigroup boosted their price objective on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $70.00 to $200.00 in a research note on Monday, December 9th. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Guggenheim began coverage on shares of Reddit in a research report on Friday. They set a “buy” rating and a $210.00 target price for the company. Finally, Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $132.70.

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.