Reddit Inc. $RDDT Stake Increased by Venture Visionary Partners LLC

Venture Visionary Partners LLC raised its stake in shares of Reddit Inc. (NYSE:RDDT) by 43.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,898 shares of the company’s stock after acquiring an additional 6,899 shares during the quarter. Venture Visionary Partners LLC’s holdings in Reddit were worth $5,266,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RDDT. GAMMA Investing LLC raised its stake in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. Financial Perspectives Inc acquired a new position in Reddit in the second quarter worth about $34,000. Advisors Asset Management Inc. increased its holdings in Reddit by 68.2% in the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares during the last quarter. Geneos Wealth Management Inc. raised its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares in the last quarter. Finally, Western Pacific Wealth Management LP bought a new position in Reddit during the 2nd quarter worth approximately $60,000.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Morgan Stanley reiterated an “overweight” rating and issued a $250.00 price target on shares of Reddit in a report on Friday, October 31st. Bank of America lifted their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Jefferies Financial Group increased their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday. Piper Sandler reaffirmed an “overweight” rating on shares of Reddit in a report on Monday, December 1st. Finally, Zacks Research raised shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 29th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $230.28.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,249 shares of the stock in a transaction on Tuesday, December 9th. The stock was sold at an average price of $232.95, for a total transaction of $2,620,454.55. Following the completion of the transaction, the chief accounting officer directly owned 10,558 shares of the company’s stock, valued at approximately $2,459,486.10. This trade represents a 51.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the completion of the sale, the chief executive officer owned 448,576 shares in the company, valued at approximately $96,529,069.44. This trade represents a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 387,619 shares of company stock valued at $81,040,938. 34.25% of the stock is currently owned by insiders.

Reddit Stock Performance

Shares of RDDT opened at $217.27 on Tuesday. The firm has a fifty day moving average of $206.58 and a 200-day moving average of $192.98. The company has a market cap of $41.17 billion, a price-to-earnings ratio of 124.87, a price-to-earnings-growth ratio of 2.48 and a beta of 2.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same period last year, the firm posted $0.16 EPS. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Analysts predict that Reddit Inc. will post 1.12 EPS for the current 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.