3,500 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Entropy Technologies LP

Entropy Technologies LP acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 3,500 shares of the company’s stock, valued at approximately $231,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Whittier Trust Co. purchased a new stake in Reddit during the 3rd quarter worth about $42,000. BNP Paribas Financial Markets purchased a new stake in Reddit during the first quarter worth approximately $37,000. SOA Wealth Advisors LLC. acquired a new position in Reddit in the second quarter valued at approximately $78,000. UMB Bank n.a. purchased a new position in Reddit in the second quarter valued at approximately $88,000. Finally, Sandia Investment Management LP acquired a new stake in Reddit during the first quarter worth approximately $79,000.

Reddit Stock Performance

Reddit stock opened at $124.78 on Friday. The stock’s 50 day moving average price is $83.78 and its 200 day moving average price is $68.12. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $139.04.

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 analysts’ consensus estimates 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 business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Reddit, Inc. will post -3.63 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. The trade was a 14.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,333 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 transaction of $1,799,648.67. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $83,277,253.43. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 364,327 shares of company stock valued at $23,298,794.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on RDDT shares. The Goldman Sachs Group upped their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. JPMorgan Chase & Co. lifted their target price on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Raymond James upped their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research report on Thursday, October 10th. Sanford C. Bernstein lifted their price target on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 30th. Finally, Morgan Stanley increased their price objective on Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $89.72.

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.