Everence Capital Management Inc. Acquires New Holdings in Reddit, Inc. (NYSE:RDDT)

Everence Capital Management Inc. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,250 shares of the company’s stock, valued at approximately $531,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new position in Reddit in the third quarter worth about $474,403,000. Holocene Advisors LP increased its position in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after purchasing an additional 1,548,450 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RDDT shares. Needham & Company LLC lifted their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. The Goldman Sachs Group raised their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Roth Mkm boosted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Citigroup boosted their price target on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, December 20th. 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 report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $132.70.

Reddit Price Performance

Shares of Reddit stock opened at $177.74 on Monday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20. The business’s 50 day simple moving average is $146.37 and its 200 day simple moving average is $93.23.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $117,643,195.39. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 264,357 shares of company stock worth $35,297,700.

Reddit Company 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.