Atreides Management LP Has $22.58 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Atreides Management LP lifted its stake in Reddit, Inc. (NYSE:RDDT) by 21.5% in the third quarter, HoldingsChannel reports. The firm owned 342,530 shares of the company’s stock after purchasing an additional 60,588 shares during the period. Atreides Management LP’s holdings in Reddit were worth $22,580,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Avala Global LP boosted its position in shares of Reddit by 680.1% in 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 during the period. Bamco Inc. NY boosted its position in Reddit by 4.8% during the 3rd quarter. Bamco Inc. NY now owns 221,254 shares of the company’s stock worth $14,585,000 after acquiring an additional 10,189 shares during the period. JAT Capital Mgmt LP boosted its position in Reddit by 93.2% during the 3rd quarter. JAT Capital Mgmt LP now owns 517,235 shares of the company’s stock worth $34,096,000 after acquiring an additional 249,520 shares during the period. PDT Partners LLC acquired a new stake in Reddit during the 3rd quarter worth about $3,289,000. Finally, Woodson Capital Management LP acquired a new stake in Reddit during the 3rd quarter worth about $18,786,000.

Reddit Price Performance

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

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. Analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Bank of America raised their price objective on Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. B. Riley restated a “buy” rating and set a $112.00 price objective (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Needham & Company LLC raised their price objective on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Raymond James raised their price objective on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Finally, Cannonball Research started coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $98.17.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of Reddit stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. The trade was a 3.14 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 651,775 shares in the company, 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. In the last ninety days, insiders have sold 311,644 shares of company stock valued at $29,210,730.

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.