Mission Creek Capital Partners Inc. Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Mission Creek Capital Partners Inc. bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 113,629 shares of the company’s stock, valued at approximately $7,490,000. Reddit accounts for 1.7% of Mission Creek Capital Partners Inc.’s investment portfolio, making the stock its 9th biggest position. Mission Creek Capital Partners Inc. owned about 0.06% of Reddit as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC boosted its position 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 period. VY Capital Management Co. Ltd. acquired a new stake in Reddit in the third quarter valued at approximately $474,403,000. Holocene Advisors LP raised its stake in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $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 first quarter worth $82,167,000. Finally, Avala Global LP grew its holdings 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 in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RDDT. Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. JMP Securities upped their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Piper Sandler reiterated an “overweight” rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, Cannonball Research began coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $103.17.

Reddit Stock Performance

RDDT stock opened at $149.92 on Wednesday. The firm’s 50-day moving average is $102.91 and its two-hundred day moving average is $75.68. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $158.49.

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

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on 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 completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $91,282,605.26. This represents a 2.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at approximately $38,578,562.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 325,644 shares of company stock valued at $31,195,790 over the last 90 days.

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.