Fmr LLC Has $801.43 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Fmr LLC boosted its position in shares of Reddit, Inc. (NYSE:RDDT) by 302.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,157,591 shares of the company’s stock after buying an additional 9,139,196 shares during the period. Fmr LLC owned approximately 6.92% of Reddit worth $801,428,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Whittier Trust Co. acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. acquired a new stake in shares of Reddit in the 2nd quarter valued at $78,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit in the 3rd quarter valued at $85,000. UMB Bank n.a. bought a new position in shares of Reddit in the 2nd quarter valued at $88,000. Finally, Paragon Capital Management Ltd acquired a new position in shares of Reddit during the 3rd quarter worth $204,000.

Reddit Trading Up 3.3 %

Shares of RDDT stock opened at $140.04 on Thursday. The business’s 50 day simple moving average is $96.72 and its 200 day simple moving average is $73.23. Reddit, Inc. has a one year low of $37.35 and a one year high of $158.49.

Reddit (NYSE:RDDT) last issued its quarterly earnings results 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. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm 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% compared to the same quarter last year. As a group, equities analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on RDDT. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. Cannonball Research started coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. Sanford C. Bernstein upped their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Loop Capital raised their target price on shares of Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group upped their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $98.17.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total transaction of $722,368.00. Following the transaction, the chief financial officer now owns 840,379 shares in the company, valued at $53,784,256. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 318,358 shares of company stock valued at $29,612,496.

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.