Foundations Investment Advisors LLC Acquires New Stake in Reddit, Inc. (NYSE:RDDT)

Foundations Investment Advisors LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 5,170 shares of the company’s stock, valued at approximately $341,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Whittier Trust Co. acquired a new position in shares of Reddit during the third quarter worth about $42,000. TB Alternative Assets Ltd. acquired a new position in Reddit during the 3rd quarter worth approximately $2,003,000. Raymond James & Associates grew its stake in shares of Reddit by 60.3% during the 3rd quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock worth $4,507,000 after acquiring an additional 25,733 shares in the last quarter. Claro Advisors LLC acquired a new stake in shares of Reddit in the third quarter valued at approximately $2,557,000. Finally, Renaissance Capital LLC lifted its position in shares of Reddit by 20.0% in the third quarter. Renaissance Capital LLC now owns 27,344 shares of the company’s stock worth $1,803,000 after purchasing an additional 4,566 shares in the last quarter.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares of the company’s stock, valued at $3,842,748. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 390,327 shares of company stock worth $23,503,224 in the last quarter.

Reddit Trading Up 3.5 %

Shares of NYSE RDDT opened at $81.38 on Friday. The business’s 50 day moving average is $65.04 and its 200-day moving average is $59.82. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $81.72.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The firm’s quarterly revenue was up 53.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.70) EPS. On average, sell-side analysts forecast that Reddit, Inc. will post -4.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of analyst reports. B. Riley raised their target price on shares of Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, October 21st. Cannonball Research initiated coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price on the stock. Loop Capital increased their price target on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Finally, Jefferies Financial Group increased their price objective on Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $73.61.

About Reddit

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.