BNP Paribas Financial Markets Has $27.49 Million Position in Reddit, Inc. (NYSE:RDDT)

BNP Paribas Financial Markets increased its position in shares of Reddit, Inc. (NYSE:RDDT) by 29,415.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 417,047 shares of the company’s stock after buying an additional 415,634 shares during the quarter. BNP Paribas Financial Markets’ holdings in Reddit were worth $27,492,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the second quarter worth $78,000. Daiwa Securities Group Inc. acquired a new position in Reddit during the third quarter worth $85,000. UMB Bank n.a. bought a new position in Reddit in the second quarter valued at $88,000. Finally, Hsbc Holdings PLC acquired a new stake in Reddit in the 2nd quarter valued at $203,000.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.19, for a total value of $828,660.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $38,578,562.25. The trade was a 2.10 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the sale, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at $2,329,668.64. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 311,644 shares of company stock worth $29,210,730 in the last quarter.

Reddit Stock Up 0.5 %

Reddit stock opened at $140.69 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49. The stock’s 50 day moving average is $99.72 and its 200-day moving average is $74.27.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. Research analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent research reports. Sanford C. Bernstein increased their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Bank of America raised their price target on Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. B. Riley reiterated a “buy” rating and set a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. 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 research report on Monday, November 25th. One investment 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $98.17.

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.