Fred Alger Management LLC Sells 199 Shares of Reddit, Inc. (NYSE:RDDT)

Fred Alger Management LLC lessened its stake in shares of Reddit, Inc. (NYSE:RDDT) by 1.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 19,756 shares of the company’s stock after selling 199 shares during the period. Fred Alger Management LLC’s holdings in Reddit were worth $1,262,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BNP Paribas Financial Markets bought a new position in shares of Reddit during the 1st quarter valued at approximately $37,000. SOA Wealth Advisors LLC. bought a new position in shares of Reddit in the second quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit in the first quarter worth approximately $63,000. UMB Bank n.a. purchased a new stake in shares of Reddit in the second quarter worth $88,000. Finally, Sandia Investment Management LP bought a new stake in shares of Reddit during the 1st quarter valued at $79,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of analyst reports. Morgan Stanley increased their price target on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. JMP Securities reaffirmed a “market outperform” rating and issued a $84.00 price objective on shares of Reddit in a research note on Tuesday, July 30th. Roth Mkm lowered their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Bank of America upped their price target on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, B. Riley assumed coverage on shares of Reddit in a research report on Friday, September 20th. They set a “buy” rating and a $75.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.12.

Reddit Price Performance

NYSE:RDDT opened at $67.07 on Friday. The company has a 50 day moving average of $59.35. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $78.08.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The business’s revenue for the quarter was up 53.6% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.70) EPS. Research analysts expect that Reddit, Inc. will post -4.17 EPS for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $65.56, for a total transaction of $721,160.00. Following the transaction, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $22,244,180.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $65.56, for a total transaction of $721,160.00. Following the transaction, the chief technology officer now owns 339,295 shares of the company’s stock, valued at approximately $22,244,180.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares in the company, valued at approximately $39,395,783.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 323,993 shares of company stock valued at $18,590,619.

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.