Geode Capital Management LLC Purchases 525,619 Shares of Reddit, Inc. (NYSE:RDDT)

Geode Capital Management LLC boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 176.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 824,200 shares of the company’s stock after buying an additional 525,619 shares during the period. Geode Capital Management LLC owned about 0.47% of Reddit worth $54,355,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Y Intercept Hong Kong Ltd bought a new position in shares of Reddit during the 3rd quarter worth about $495,000. MML Investors Services LLC raised its position in Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after purchasing an additional 757 shares in the last quarter. Anson Funds Management LP bought a new position in Reddit during the third quarter worth about $3,296,000. XTX Topco Ltd acquired a new stake in Reddit during the third quarter valued at approximately $477,000. Finally, Wellington Management Group LLP grew its stake in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period.

Reddit Stock Up 4.3 %

Shares of NYSE RDDT opened at $170.71 on Monday. The firm’s 50-day moving average is $127.73 and its 200-day moving average is $85.35. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $180.74.

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 firm had revenue of $348.40 million during 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 quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $76.27, for a total value of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $117,643,195.39. This represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The stock was 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 in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,357 shares of company stock worth $32,041,530.

Analyst Ratings Changes

Several equities analysts recently commented on RDDT shares. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. JMP Securities lifted their price objective on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Bank of America upped their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $132.70.

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.