Victory Capital Management Inc. Acquires 453,894 Shares of Reddit, Inc. (NYSE:RDDT)

Victory Capital Management Inc. boosted its stake in shares of Reddit, Inc. (NYSE:RDDT) by 903.8% during the third quarter, Holdings Channel reports. The fund owned 504,116 shares of the company’s stock after acquiring an additional 453,894 shares during the period. Victory Capital Management Inc.’s holdings in Reddit were worth $33,231,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the first quarter worth approximately $37,000. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth approximately $42,000. SOA Wealth Advisors LLC. acquired a new position in Reddit during the 2nd quarter worth $78,000. Sandia Investment Management LP bought a new position in Reddit in the 1st quarter valued at $79,000. Finally, UMB Bank n.a. acquired a new stake in shares of Reddit in the 2nd quarter valued at $88,000.

Analyst Ratings Changes

RDDT has been the topic of several research reports. Raymond James upped their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. The Goldman Sachs Group raised their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, October 14th. Roth Mkm boosted their price target on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group increased their price objective on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Finally, Cannonball Research started coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. One equities 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.72.

Insider Activity at Reddit

In related 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 sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This trade represents a 3.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the sale, the chief executive officer now owns 672,352 shares in the company, valued at $36,293,560.96. The trade was a 2.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 364,327 shares of company stock valued at $23,298,794.

Reddit Stock Down 5.4 %

NYSE RDDT opened at $124.78 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $139.04. The stock’s 50-day moving average is $83.78 and its 200-day moving average is $68.12.

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. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, equities research analysts forecast that Reddit, Inc. will post -3.63 EPS for the current year.

About Reddit

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.