Reddit, Inc. (NYSE:RDDT) Shares Acquired by MML Investors Services LLC

MML Investors Services LLC lifted its holdings in Reddit, Inc. (NYSE:RDDT) by 12.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,085 shares of the company’s stock after buying an additional 757 shares during the quarter. MML Investors Services LLC’s holdings in Reddit were worth $467,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC lifted its position 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 during the period. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth $474,403,000. Holocene Advisors LP boosted its position in 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 in the last quarter. Point72 Asset Management L.P. grew its holdings in 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 last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Reddit by 10.1% in the second quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock valued at $106,288,000 after buying an additional 153,282 shares in the last quarter.

Reddit Price Performance

RDDT stock opened at $168.61 on Tuesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $180.74. The firm has a 50 day simple moving average of $127.73 and a 200-day simple moving average of $85.53.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RDDT shares. Loop Capital boosted their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. B. Riley reissued a “buy” rating and set a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Citigroup boosted their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $132.70.

Insider Transactions at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the sale, the director now directly owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’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 transaction, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 253,357 shares of company stock worth $32,041,530.

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.