Wilmington Savings Fund Society FSB Invests $3.93 Million in Reddit, Inc. (NYSE:RDDT)

Wilmington Savings Fund Society FSB acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 59,608 shares of the company’s stock, valued at approximately $3,929,000.

Other large investors have also added to or reduced their stakes in the company. FMR LLC increased its position in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter worth $474,403,000. Point72 Asset Management L.P. raised its stake in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP lifted its holdings 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 in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock valued at $54,355,000 after buying an additional 525,619 shares during the last quarter.

Reddit Stock Performance

RDDT opened at $163.34 on Friday. The firm’s fifty day moving average is $115.99 and its 200 day moving average is $80.43. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $180.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue was up 67.9% compared to the same quarter last year. Equities analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the transaction, the chief technology officer now directly owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the sale, the chief executive officer now directly owns 634,971 shares in the company, valued at approximately $90,032,538.09. The trade was a 2.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock valued at $31,195,790 in the last three months.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RDDT shares. Roth Mkm upped their target price on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $70.00 to $200.00 in a report on Monday. Loop Capital boosted their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Citigroup raised their price target on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Wells Fargo & Company initiated coverage on Reddit in a research report on Wednesday. They set an “overweight” rating and a $206.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $124.42.

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.