Raymond James & Associates Acquires 25,733 Shares of Reddit, Inc. (NYSE:RDDT)

Raymond James & Associates boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 60.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 68,374 shares of the company’s stock after acquiring an additional 25,733 shares during the quarter. Raymond James & Associates’ holdings in Reddit were worth $4,507,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in RDDT. Commonwealth Equity Services LLC bought a new stake in Reddit during the 1st quarter worth approximately $1,111,000. BNP Paribas Financial Markets bought a new stake in Reddit during the 1st quarter worth approximately $37,000. SG Americas Securities LLC bought a new stake in Reddit during the 1st quarter worth approximately $265,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit in the 1st quarter valued at $63,000. Finally, Vanguard Group Inc. bought a new stake in shares of Reddit in the 1st quarter valued at $82,167,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of analyst reports. B. Riley reaffirmed a “buy” rating and issued a $112.00 price objective (up from $87.00) on shares of Reddit in a research note on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $115.00 price objective (up from $70.00) on shares of Reddit in a research note on Wednesday. Jefferies Financial Group boosted their target price on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Raymond James boosted their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Citigroup boosted their target price on shares of Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $89.72.

Reddit Trading Down 5.3 %

NYSE RDDT opened at $112.98 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $123.60. The company has a fifty day moving average price of $70.13 and a 200-day moving average price of $62.27.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Equities research analysts forecast that Reddit, Inc. will post -4.05 EPS for the current year.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the transaction, the chief financial officer now owns 840,379 shares in the company, valued at approximately $53,784,256. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 390,327 shares of company stock worth $23,503,224 in the last quarter.

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.