PDT Partners LLC Makes New Investment in Reddit, Inc. (NYSE:RDDT)

PDT Partners LLC bought a new position in Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 49,900 shares of the company’s stock, valued at approximately $3,289,000.

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

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 21,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the transaction, the chief technology officer now owns 297,925 shares in the company, valued at $43,500,029.25. The trade was a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total transaction of $722,368.00. Following the completion of the transaction, the chief financial officer now directly owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 311,644 shares of company stock valued at $29,210,730 in the last quarter.

Reddit Trading Up 0.5 %

Shares of NYSE:RDDT opened at $140.69 on Friday. The company’s fifty day moving average is $99.72 and its 200 day moving average is $74.27. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, sell-side analysts forecast that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several research reports. The Goldman Sachs Group raised their price objective on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up previously from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Cannonball Research initiated coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

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.