Reddit, Inc. (NYSE:RDDT) Shares Acquired by ARK Investment Management LLC

ARK Investment Management LLC raised its stake in shares of Reddit, Inc. (NYSE:RDDT) by 120.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 352,721 shares of the company’s stock after buying an additional 192,785 shares during the period. ARK Investment Management LLC owned approximately 0.21% of Reddit worth $23,251,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Concurrent Investment Advisors LLC bought a new position in shares of Reddit in the third quarter valued at approximately $372,000. Vestor Capital LLC raised its stake in shares of Reddit by 1.1% in the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after buying an additional 922 shares in the last quarter. Campbell Capital Management Inc. acquired a new stake in shares of Reddit in the third quarter valued at $3,088,000. Biechele Royce Advisors acquired a new position in Reddit during the third quarter worth about $1,754,000. Finally, Frank Rimerman Advisors LLC bought a new position in shares of Reddit during the 3rd quarter valued at about $1,479,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Piper Sandler restated an “overweight” rating and issued a $115.00 target price (up from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Morgan Stanley lifted their price target on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Needham & Company LLC upped their price objective on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Roth Mkm lifted their target price on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Jefferies Financial Group upped their price target on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $89.72.

Reddit Price Performance

Shares of NYSE RDDT opened at $131.47 on Friday. The business’s 50-day simple moving average is $73.72 and its 200-day simple moving average is $63.88. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $133.25.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Transactions at Reddit

In related news, insider Benjamin Seong Lee sold 45,807 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the completion of the sale, the insider now owns 194,473 shares in the company, valued at $10,499,597.27. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 45,807 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the transaction, the insider now directly owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 394,327 shares of company stock worth $24,868,094.

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.