Prospera Financial Services Inc Buys New Position in Reddit, Inc. (NYSE:RDDT)

Prospera Financial Services Inc purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 3,768 shares of the company’s stock, valued at approximately $248,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. Claro Advisors LLC acquired a new position in shares of Reddit in the 3rd quarter valued at $1,879,000. Victory Capital Management Inc. raised its holdings in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after buying an additional 453,894 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Reddit by 64.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock worth $33,808,000 after buying an additional 201,776 shares during the period. Entropy Technologies LP purchased a new position in shares of Reddit during the third quarter worth about $231,000. Finally, Chartwell Investment Partners LLC increased its position in Reddit by 80.8% in the 3rd quarter. Chartwell Investment Partners LLC now owns 22,544 shares of the company’s stock valued at $1,486,000 after acquiring an additional 10,072 shares during the period.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 6,714 shares of the company’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $59.84, for a total value of $401,765.76. Following the transaction, the chief executive officer now directly owns 658,352 shares in the company, valued at approximately $39,395,783.68. This represents a 1.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 298,520 shares of company stock worth $26,771,297.

Analyst Ratings Changes

Several research analysts have weighed in on RDDT shares. JPMorgan Chase & Co. lifted their target price on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. The Goldman Sachs Group boosted their price objective 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. Cannonball Research began coverage on shares of Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Loop Capital boosted their price target on shares of Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, B. Riley restated a “buy” rating and issued a $112.00 price objective (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $98.17.

Reddit Trading Down 3.2 %

Reddit stock opened at $141.95 on Tuesday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $158.49. The firm’s 50-day simple moving average is $93.72 and its 200 day simple moving average is $72.18.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

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.