Sanctuary Advisors LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Sanctuary Advisors LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 2,190 shares of the company’s stock, valued at approximately $144,000.

Several other large investors also recently added to or reduced their stakes in the business. ARK Investment Management LLC grew its position in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after acquiring an additional 192,785 shares during the period. Wellington Management Group LLP increased its stake 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 worth $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares during the period. Geode Capital Management LLC lifted its stake in shares of Reddit by 176.0% during the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock valued at $54,355,000 after buying an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. bought a new position in Reddit in the 3rd quarter worth $7,490,000.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $49,163,388.25. This represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 250,357 shares of company stock valued at $32,983,080 in the last ninety days.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Sanford C. Bernstein boosted their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Robert W. Baird boosted their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Finally, JMP Securities raised their target price on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.70.

Reddit Stock Down 4.6 %

RDDT stock opened at $165.53 on Tuesday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $182.20. The company has a 50-day moving average price of $137.51 and a 200 day moving average price of $89.50.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, research analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

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.