Reddit, Inc. (NYSE:RDDT) Position Boosted by MML Investors Services LLC

MML Investors Services LLC raised its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 12.0% during the 3rd quarter, Holdings Channel reports. The fund owned 7,085 shares of the company’s stock after purchasing an additional 757 shares during the period. MML Investors Services LLC’s holdings in Reddit were worth $467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in RDDT. FMR LLC boosted its holdings in shares of Reddit by 302.8% in 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 position in Reddit during the 3rd quarter valued at $474,403,000. Point72 Asset Management L.P. increased its position in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP raised its stake in shares of Reddit by 177.6% in the 3rd 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, Avala Global LP lifted its holdings in shares of Reddit by 680.1% in the third quarter. Avala Global LP now owns 546,100 shares of the company’s stock valued at $35,999,000 after buying an additional 476,100 shares during the period.

Analysts Set New Price Targets

A number of research firms recently issued reports on RDDT. Needham & Company LLC lifted their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Robert W. Baird increased their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. JMP Securities lifted their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, 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 note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.70.

Reddit Price Performance

Shares of NYSE:RDDT opened at $168.61 on Tuesday. The firm has a fifty day moving average of $127.73 and a two-hundred day moving average of $85.53. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $180.74.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. On average, equities analysts predict that Reddit, Inc. will post -3.46 EPS for the current year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 253,357 shares of company stock worth $32,041,530.

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.