PDT Partners LLC Purchases Shares of 49,900 Reddit, Inc. (NYSE:RDDT)

PDT Partners LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 49,900 shares of the company’s stock, valued at approximately $3,289,000.

Several other institutional investors have also recently made changes to their positions in the stock. StoneCrest Wealth Management Inc. raised its holdings in shares of Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after purchasing an additional 176 shares during the period. Whittier Trust Co. acquired a new position in shares of Reddit during the third quarter valued at about $42,000. Vestor Capital LLC raised its holdings in shares of Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after purchasing an additional 922 shares during the period. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the second quarter valued at about $78,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Reddit during the third quarter valued at about $85,000.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RDDT shares. Raymond James upped their price objective on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. JMP Securities upped their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. B. Riley restated a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Sanford C. Bernstein upped their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $98.17.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. This trade represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,644 shares of company stock valued at $29,210,730.

Reddit Price Performance

Reddit stock opened at $140.69 on Friday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $158.49. The firm has a 50 day moving average price of $99.72 and a 200-day moving average price of $74.27.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, research analysts predict that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

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.