Daiwa Securities Group Inc. Acquires New Holdings in Reddit, Inc. (NYSE:RDDT)

Daiwa Securities Group Inc. bought a new position in Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,285 shares of the company’s stock, valued at approximately $85,000.

Several other large investors also recently made changes to their positions in the company. Vanguard Group Inc. acquired a new position in shares of Reddit during the first quarter worth approximately $82,167,000. Janus Henderson Group PLC bought a new stake in shares of Reddit in the 1st quarter worth $741,000. DekaBank Deutsche Girozentrale acquired a new stake in Reddit in the 1st quarter valued at about $7,363,000. Renaissance Capital LLC acquired a new stake in Reddit during the second quarter valued at approximately $1,455,000. Finally, SOA Wealth Advisors LLC. bought a new stake in shares of Reddit during the 2nd quarter worth $78,000.

Analyst Ratings Changes

Several brokerages have recently commented on RDDT. Needham & Company LLC upped their target price on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Citigroup raised their target price on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. B. Riley restated a “buy” rating and set a $112.00 price target (up previously from $87.00) on shares of Reddit in a report on Wednesday, October 30th. JMP Securities upped their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. Finally, The Goldman Sachs Group lifted their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. One investment 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’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.17.

Reddit Price Performance

Shares of NYSE RDDT opened at $140.69 on Monday. The business’s 50-day simple moving average is $99.72 and its 200-day simple moving average is $74.46. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $158.49.

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

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,644 shares of company stock worth $29,210,730.

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.