Everence Capital Management Inc. Takes $531,000 Position in Reddit, Inc. (NYSE:RDDT)

Everence Capital Management Inc. bought a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,250 shares of the company’s stock, valued at approximately $531,000.

Other hedge funds have also bought and sold shares of the company. Commonwealth Equity Services LLC raised its position in Reddit by 11.8% in the second quarter. Commonwealth Equity Services LLC now owns 25,185 shares of the company’s stock worth $1,609,000 after acquiring an additional 2,659 shares during the period. TD Asset Management Inc purchased a new position in shares of Reddit in the second quarter worth about $6,566,000. Victory Capital Management Inc. purchased a new position in shares of Reddit in the second quarter valued at about $3,209,000. Pier Capital LLC bought a new position in Reddit in the 2nd quarter worth $8,213,000. Finally, Jupiter Asset Management Ltd. purchased a new stake in Reddit in the second quarter worth $2,233,000.

Reddit Price Performance

Shares of NYSE:RDDT opened at $177.74 on Monday. The business’s 50 day moving average is $146.37 and its 200 day moving average is $93.23. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20.

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

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 264,357 shares of company stock valued at $35,297,700.

Analyst Ratings Changes

Several research firms have commented on RDDT. Jefferies Financial Group boosted their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. JPMorgan Chase & Co. raised their target price on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. Raymond James lifted their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Citigroup boosted their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. One investment 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price 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.