Chartwell Investment Partners LLC Has $1.49 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Chartwell Investment Partners LLC grew its position in shares of Reddit, Inc. (NYSE:RDDT) by 80.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,544 shares of the company’s stock after acquiring an additional 10,072 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Reddit were worth $1,486,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of RDDT. VY Capital Management Co. Ltd. bought a new position in Reddit in the 3rd quarter valued at $474,403,000. Inclusive Capital Partners L.P. bought a new position in Reddit during the 1st quarter worth approximately $103,051,000. Vanguard Group Inc. bought a new position in Reddit during the 1st quarter worth approximately $82,167,000. Price T Rowe Associates Inc. MD purchased a new stake in Reddit in the 1st quarter worth approximately $37,015,000. Finally, Blackstone Inc. purchased a new position in shares of Reddit in the 1st quarter valued at approximately $36,990,000.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares of the company’s stock, valued at $10,499,597.27. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 364,327 shares of company stock valued at $23,298,794 in the last quarter.

Reddit Stock Down 1.2 %

Shares of NYSE RDDT opened at $127.72 on Wednesday. The stock’s fifty day simple moving average is $78.06 and its two-hundred day simple moving average is $65.92. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $139.04.

Reddit (NYSE:RDDT) last announced its earnings results 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. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Roth Mkm raised their target price on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC upped their price objective on Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Sanford C. Bernstein upped their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Raymond James upped their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average target price of $89.72.

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.