Penserra Capital Management LLC Raises Holdings in Reddit, Inc. (NYSE:RDDT)

Penserra Capital Management LLC grew its stake in Reddit, Inc. (NYSE:RDDT) by 63.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 48,945 shares of the company’s stock after buying an additional 18,932 shares during the quarter. Penserra Capital Management LLC’s holdings in Reddit were worth $3,226,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. StoneCrest Wealth Management Inc. lifted its stake in 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 acquiring an additional 176 shares during the last quarter. Whittier Trust Co. acquired a new position in shares of Reddit during the third quarter worth $42,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth $37,000. Vestor Capital LLC increased its holdings in Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after buying an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new stake in Reddit during the 2nd quarter worth about $78,000.

Reddit Stock Performance

Reddit stock opened at $141.95 on Tuesday. The stock’s 50 day moving average price is $93.72 and its 200 day moving average price is $72.18. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share 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 business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The firm’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.

Analyst Ratings Changes

Several equities research analysts recently weighed in on RDDT shares. Loop Capital boosted their target price on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Jefferies Financial Group upped their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. The Goldman Sachs Group boosted their price target 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. Finally, Cannonball Research began coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $98.17.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were 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 in the company, valued at approximately $53,784,256. This trade represents a 1.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 6,714 shares of Reddit stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $59.84, for a total transaction of $401,765.76. Following the transaction, the chief executive officer now owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 298,520 shares of company stock valued at $26,771,297 in the last quarter.

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.