Reddit, Inc. (NYSE:RDDT) Shares Sold by Barclays PLC

Barclays PLC lessened its stake in Reddit, Inc. (NYSE:RDDT) by 90.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,507 shares of the company’s stock after selling 135,228 shares during the quarter. Barclays PLC’s holdings in Reddit were worth $890,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new position in shares of Reddit in the third quarter valued at $495,000. MML Investors Services LLC lifted its holdings in Reddit by 12.0% in the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after purchasing an additional 757 shares in the last quarter. Anson Funds Management LP acquired a new stake in shares of Reddit during the 3rd quarter worth about $3,296,000. XTX Topco Ltd purchased a new stake in shares of Reddit during the third quarter worth about $477,000. Finally, Wellington Management Group LLP raised its position in shares of Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after buying an additional 248,499 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Loop Capital lifted their target price on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, Robert W. Baird lifted their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. One equities 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $132.70.

Reddit Stock Performance

NYSE:RDDT opened at $165.53 on Tuesday. The firm’s fifty day simple moving average is $137.51 and its 200 day simple moving average is $89.50. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $182.20.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at $265,102,260.31. The trade was a 2.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $49,163,388.25. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,357 shares of company stock worth $32,983,080 in the last quarter.

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.