Long Walk Management LP raised its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 28.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 715,000 shares of the company's stock after buying an additional 157,500 shares during the period. Reddit accounts for 19.5% of Long Walk Management LP's investment portfolio, making the stock its biggest holding. Long Walk Management LP owned 0.43% of Reddit worth $47,133,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in shares of Reddit during the 3rd quarter worth $382,000. Objective Capital Management LLC purchased a new stake in Reddit during the third quarter worth about $391,000. SpiderRock Advisors LLC bought a new stake in Reddit in the third quarter worth about $3,485,000. ARK Investment Management LLC boosted its stake in Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock valued at $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Finally, Concurrent Investment Advisors LLC bought a new position in shares of Reddit during the 3rd quarter valued at approximately $372,000.
In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the business's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares of the company's stock, valued at $5,314,909.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Reddit news, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the transaction, the director now directly owns 46,459 shares of the company's stock, valued at $5,314,909.60. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $1,133,790.00. Following the sale, the chief technology officer now directly owns 339,295 shares of the company's stock, valued at approximately $18,318,537.05. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 394,327 shares of company stock valued at $24,868,094.
A number of equities research analysts recently commented on RDDT shares. Piper Sandler reaffirmed an "overweight" rating and issued a $115.00 price target (up previously from $70.00) on shares of Reddit in a report on Wednesday, October 30th. Bank of America upped their price target on Reddit from $84.00 to $99.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Loop Capital lifted their price objective on Reddit from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Cannonball Research assumed coverage on shares of Reddit in a report on Tuesday, August 6th. They set a "buy" rating and a $67.00 price objective on the stock. Finally, Citigroup lifted their target price on shares of Reddit from $70.00 to $120.00 and gave the stock a "buy" rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average price target of $89.72.
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Shares of NYSE:RDDT opened at $134.80 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $134.80. The firm has a fifty day moving average of $76.67 and a 200 day moving average of $65.00.
Reddit (NYSE:RDDT - Get Free Report) 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 firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit's revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities analysts anticipate that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.
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.
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