Polymer Capital Management HK LTD Boosts Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Polymer Capital Management HK LTD lifted its stake in Reddit, Inc. (NYSE:RDDT) by 239.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 71,300 shares of the company’s stock after buying an additional 50,300 shares during the period. Reddit makes up approximately 1.1% of Polymer Capital Management HK LTD’s holdings, making the stock its 28th largest holding. Polymer Capital Management HK LTD’s holdings in Reddit were worth $4,700,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RDDT. Mission Creek Capital Partners Inc. purchased a new stake in Reddit in the third quarter worth about $7,490,000. Janus Henderson Group PLC bought a new stake in shares of Reddit during the third quarter valued at approximately $712,000. HighTower Advisors LLC grew its stake in Reddit by 154.0% in the third quarter. HighTower Advisors LLC now owns 11,699 shares of the company’s stock worth $770,000 after purchasing an additional 7,094 shares during the period. Holocene Advisors LP lifted its stake in shares of Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Finally, Atreides Management LP grew its holdings in shares of Reddit by 21.5% during the third quarter. Atreides Management LP now owns 342,530 shares of the company’s stock valued at $22,580,000 after buying an additional 60,588 shares during the last quarter.

Reddit Stock Up 5.8 %

NYSE:RDDT opened at $149.92 on Wednesday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $158.49. The stock’s 50 day simple moving average is $102.91 and its two-hundred day simple moving average is $75.68.

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, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. Analysts expect that Reddit, Inc. will post -3.63 EPS for the current year.

Insider Activity

In other news, CFO Andrew Vollero sold 11,287 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at approximately $53,784,256. This represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $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. In the last three months, insiders have sold 325,644 shares of company stock worth $31,195,790.

Wall Street Analyst Weigh In

Several brokerages have commented on RDDT. Piper Sandler reiterated an “overweight” rating and set a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Roth Mkm boosted their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. raised their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. The Goldman Sachs Group boosted their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Cannonball Research started coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

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.