Quadrature Capital Ltd Purchases Shares of 57,667 Reddit, Inc. (NYSE:RDDT)

Quadrature Capital Ltd bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 57,667 shares of the company’s stock, valued at approximately $3,801,000.

A number of other hedge funds have also recently modified their holdings of the stock. Whittier Trust Co. purchased a new position in Reddit during the 3rd quarter worth $42,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the 2nd quarter valued at about $78,000. Daiwa Securities Group Inc. purchased a new stake in Reddit during the 3rd quarter valued at approximately $85,000. UMB Bank n.a. acquired a new stake in Reddit during the 2nd quarter worth approximately $88,000. Finally, Paragon Capital Management Ltd purchased a new position in shares of Reddit in the 3rd quarter valued at approximately $204,000.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 325,644 shares of company stock worth $31,195,790.

Reddit Stock Down 0.8 %

Shares of NYSE RDDT opened at $153.05 on Friday. The firm’s 50-day moving average is $106.37 and its two-hundred day moving average is $76.76. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $158.49.

Reddit (NYSE:RDDT) last announced 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 revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts predict that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on RDDT. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Bank of America raised their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Needham & Company LLC boosted their price target on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and issued a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. 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 research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus target price of $103.17.

Reddit Company 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.