Atreides Management LP Grows Holdings in Reddit, Inc. (NYSE:RDDT)

Atreides Management LP grew its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 21.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 342,530 shares of the company’s stock after buying an additional 60,588 shares during the quarter. Atreides Management LP owned 0.20% of Reddit worth $22,580,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Whittier Trust Co. purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $42,000. SOA Wealth Advisors LLC. bought a new position in Reddit during the second quarter worth $78,000. Daiwa Securities Group Inc. bought a new position in Reddit during the third quarter worth $85,000. UMB Bank n.a. bought a new position in Reddit during the second quarter worth $88,000. Finally, Paragon Capital Management Ltd bought a new position in Reddit during the third quarter worth $204,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Jefferies Financial Group raised their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Needham & Company LLC raised their price objective on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $98.17.

Insider Activity

In related news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $91,282,605.26. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 311,644 shares of company stock valued at $29,210,730.

Reddit Price Performance

Shares of RDDT opened at $140.69 on Monday. Reddit, Inc. has a one year low of $37.35 and a one year high of $158.49. The stock’s fifty day moving average is $99.72 and its 200-day moving average is $74.46.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

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.