Fred Alger Management LLC Decreases Stake in Reddit, Inc. (NYSE:RDDT)

Fred Alger Management LLC cut its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 1.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,527 shares of the company’s stock after selling 229 shares during the period. Fred Alger Management LLC’s holdings in Reddit were worth $1,287,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. ARK Investment Management LLC increased its holdings in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after buying an additional 453,894 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Reddit in the first quarter valued at $7,363,000. Objective Capital Management LLC bought a new position in Reddit during the 3rd quarter valued at $391,000. Finally, VY Capital Management Co. Ltd. acquired a new position in Reddit during the 3rd quarter worth $474,403,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RDDT shares. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Raymond James increased their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Sanford C. Bernstein lifted their target price on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Loop Capital upped their price target on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Jefferies Financial Group lifted their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $98.17.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now owns 651,775 shares in the company, valued at $38,578,562.25. This represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were 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 of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 311,644 shares of company stock worth $29,210,730.

Reddit Stock Performance

RDDT opened at $140.69 on Monday. The stock’s 50 day moving average price is $99.72 and its 200 day moving average price is $74.46. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49.

Reddit (NYSE:RDDT) last released its quarterly earnings results 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 company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% on a year-over-year basis. On average, equities analysts expect that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Reddit Company 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.