2,190 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Sanctuary Advisors LLC

Sanctuary Advisors LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, HoldingsChannel reports. The fund bought 2,190 shares of the company’s stock, valued at approximately $144,000.

Several other institutional investors and hedge funds have also bought and sold shares of RDDT. Whittier Trust Co. acquired a new stake in shares of Reddit in the 3rd quarter worth $42,000. Daiwa Securities Group Inc. acquired a new stake in Reddit in the third quarter worth about $85,000. SOA Wealth Advisors LLC. grew its stake in shares of Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Reddit during the second quarter valued at about $203,000. Finally, Paragon Capital Management Ltd purchased a new position in shares of Reddit in the 3rd quarter valued at approximately $204,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent analyst reports. Piper Sandler restated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $70.00 to $200.00 in a research report on Monday, December 9th. The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Roth Mkm increased their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $132.70.

Insider Activity

In other news, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $49,163,388.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 250,357 shares of company stock worth $32,983,080.

Reddit Trading Down 4.6 %

Shares of NYSE RDDT opened at $165.53 on Tuesday. The firm has a 50-day simple moving average of $137.51 and a 200-day simple moving average of $89.50. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $182.20.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 firm had revenue of $348.40 million during 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 firm’s revenue was up 67.9% compared to the same quarter last year. Analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Reddit 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.