Avala Global LP Boosts Stake in Reddit, Inc. (NYSE:RDDT)

Avala Global LP raised its position in shares of Reddit, Inc. (NYSE:RDDT) by 680.1% in the third quarter, Holdings Channel.com reports. The fund owned 546,100 shares of the company’s stock after buying an additional 476,100 shares during the quarter. Reddit comprises approximately 2.4% of Avala Global LP’s holdings, making the stock its 21st largest position. Avala Global LP’s holdings in Reddit were worth $35,999,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in RDDT. StoneCrest Wealth Management Inc. boosted its position in shares of Reddit by 2.6% in the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the period. Whittier Trust Co. purchased a new stake in shares of Reddit in the third quarter worth about $42,000. Vestor Capital LLC boosted its position in shares of Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after buying an additional 922 shares during the period. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit in the second quarter worth about $78,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Reddit in the third quarter worth about $85,000.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. This represents a 3.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,644 shares of company stock worth $29,210,730.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RDDT shares. The Goldman Sachs Group upped their target price on Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, October 14th. Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Raymond James upped their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Sanford C. Bernstein upped their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Bank of America boosted their price target on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

Reddit Stock Performance

Shares of NYSE RDDT opened at $140.69 on Monday. The stock’s 50 day moving average price is $99.72 and its two-hundred day moving average price 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 data on Tuesday, October 29th. The company reported $0.16 earnings per share (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 firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The company’s revenue was up 67.9% compared to the same quarter last year. On average, analysts anticipate that Reddit, Inc. will post -3.63 EPS for the current year.

Reddit Company 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.