HighTower Advisors LLC Has $770,000 Stock Holdings in Reddit, Inc. (NYSE:RDDT)

HighTower Advisors LLC raised its stake in Reddit, Inc. (NYSE:RDDT) by 154.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,699 shares of the company’s stock after purchasing an additional 7,094 shares during the period. HighTower Advisors LLC’s holdings in Reddit were worth $770,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC raised its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit during the third quarter worth approximately $474,403,000. Holocene Advisors LP raised its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Avala Global LP lifted its holdings in shares of Reddit by 680.1% in the 3rd quarter. Avala Global LP now owns 546,100 shares of the company’s stock worth $35,999,000 after purchasing an additional 476,100 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the period.

Analyst Ratings Changes

Several research firms have weighed in on RDDT. Wells Fargo & Company initiated coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Needham & Company LLC upped their target price on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Roth Mkm lifted their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $124.42.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now owns 620,971 shares in the company, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the 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 transaction, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 264,357 shares of company stock valued at $32,762,690.

Reddit Trading Down 4.8 %

NYSE:RDDT opened at $160.65 on Thursday. The business’s fifty day moving average is $123.90 and its 200 day moving average is $83.78. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $180.74.

Reddit (NYSE:RDDT) last announced 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% on a year-over-year basis. Research analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

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.