Point72 Asset Management L.P. Acquires 2,225,895 Shares of Reddit, Inc. (NYSE:RDDT)

Point72 Asset Management L.P. boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 3,172.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,296,068 shares of the company’s stock after buying an additional 2,225,895 shares during the quarter. Point72 Asset Management L.P. owned about 1.31% of Reddit worth $151,357,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RDDT. FMR LLC lifted its stake in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new stake in shares of Reddit in the third quarter valued at about $474,403,000. Holocene Advisors LP increased its stake in shares of Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Vanguard Group Inc. acquired a new position in shares of Reddit during the 1st quarter worth about $82,167,000. Finally, Avala Global LP boosted its stake in Reddit by 680.1% during the 3rd quarter. Avala Global LP now owns 546,100 shares of the company’s stock valued at $35,999,000 after purchasing an additional 476,100 shares during the period.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares in the company, valued at approximately $2,329,668.64. This trade represents a 14.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at $100,275,129.57. This represents a 3.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock worth $31,195,790 over the last three months.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RDDT shares. Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. B. Riley restated a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Loop Capital boosted their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Needham & Company LLC raised their price target on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $103.17.

Reddit Stock Up 5.8 %

Shares of RDDT opened at $149.92 on Wednesday. The stock’s 50-day moving average price is $102.91 and its two-hundred day moving average price is $75.68. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

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.