Janney Montgomery Scott LLC Raises Holdings in Reddit, Inc. (NYSE:RDDT)

Janney Montgomery Scott LLC raised its position in Reddit, Inc. (NYSE:RDDT) by 31.3% during the fourth quarter, HoldingsChannel reports. The firm owned 8,786 shares of the company’s stock after purchasing an additional 2,096 shares during the period. Janney Montgomery Scott LLC’s holdings in Reddit were worth $1,436,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. FMR LLC increased its position in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new stake in Reddit during the 3rd quarter worth approximately $474,403,000. Point72 Asset Management L.P. increased its holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP raised its holdings in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RDDT. Citigroup lifted their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Wells Fargo & Company started coverage on shares of Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target on the stock. Robert W. Baird raised their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Loop Capital increased their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Finally, Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $159.70.

Reddit Stock Performance

Shares of NYSE RDDT opened at $202.66 on Tuesday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $208.62. The firm has a 50 day moving average of $168.76 and a 200 day moving average of $109.09.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 245,357 shares of company stock valued at $38,293,668.

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.