Jupiter Asset Management Ltd. purchased a new stake in Reddit, Inc. (NYSE:RDDT – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 34,957 shares of the company’s stock, valued at approximately $2,233,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Global Retirement Partners LLC purchased a new position in shares of Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets acquired a new stake in Reddit in the 1st quarter valued at $37,000. ANTIPODES PARTNERS Ltd purchased a new position in Reddit in the first quarter valued at about $63,000. SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the second quarter worth about $78,000. Finally, Sandia Investment Management LP acquired a new position in shares of Reddit during the first quarter worth about $79,000.
Reddit Stock Performance
NYSE:RDDT opened at $59.09 on Friday. The business’s 50 day moving average price is $60.30. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $78.08.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised their target price on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. JPMorgan Chase & Co. reduced their target price on shares of Reddit from $67.00 to $59.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Loop Capital raised shares of Reddit from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a report on Thursday, August 1st. Piper Sandler boosted their price objective on shares of Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Citigroup upped their price objective on shares of Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $65.56.
Get Our Latest Analysis on Reddit
Insider Activity
In related news, CEO Steve Ladd Huffman sold 6,714 shares of the stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now owns 658,352 shares in the company, valued at $39,395,783.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total value of $790,950.00. Following the sale, the director now directly owns 101,459 shares in the company, valued at $5,349,933.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The disclosure for this sale can be found here. In the last three months, insiders sold 204,373 shares of company stock valued at $11,095,284.
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.
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