Reddit, Inc. (NYSE:RDDT) Shares Purchased by Wellington Management Group LLP

Wellington Management Group LLP grew its holdings in Reddit, Inc. (NYSE:RDDT) by 3,640.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 255,325 shares of the company’s stock after acquiring an additional 248,499 shares during the quarter. Wellington Management Group LLP’s holdings in Reddit were worth $16,831,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Whittier Trust Co. acquired a new position in Reddit in the 3rd quarter valued at about $42,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit in the 3rd quarter valued at approximately $85,000. UMB Bank n.a. acquired a new position in shares of Reddit in the second quarter valued at approximately $88,000. Paragon Capital Management Ltd purchased a new stake in shares of Reddit during the third quarter worth approximately $204,000. Finally, Hsbc Holdings PLC purchased a new position in Reddit in the 2nd quarter valued at $203,000.

Analysts Set New Price Targets

A number of brokerages have commented on RDDT. Wells Fargo & Company initiated coverage on shares of Reddit in a research report on Wednesday. They set an “overweight” rating and a $206.00 price objective for the company. Raymond James increased their price target on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $200.00 in a report on Monday, December 9th. Roth Mkm increased their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Finally, Loop Capital lifted their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.42.

Reddit Price Performance

Shares of RDDT opened at $172.65 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $180.74. The firm has a 50 day simple moving average of $117.99 and a 200-day simple moving average of $81.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share 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 company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. Equities analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares in the company, valued at approximately $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. This trade represents a 3.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 325,644 shares of company stock worth $31,195,790.

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.