Brighton Jones LLC Has $6.31 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Brighton Jones LLC decreased its stake in shares of Reddit, Inc. (NYSE:RDDT) by 12.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,612 shares of the company’s stock after selling 5,353 shares during the period. Brighton Jones LLC’s holdings in Reddit were worth $6,311,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. FMR LLC boosted its position in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. acquired a new position in Reddit during the third quarter worth $474,403,000. Point72 Asset Management L.P. increased its stake in Reddit by 3,172.0% in 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 buying an additional 2,225,895 shares during the last quarter. Holocene Advisors LP increased its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $73,735,305.75. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock valued at $39,528,738 over the last quarter.

Reddit Trading Down 1.2 %

Shares of Reddit stock opened at $181.55 on Friday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $191.00. The company has a 50-day simple moving average of $161.24 and a two-hundred day simple moving average of $102.91.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RDDT. Raymond James lifted their target price on Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a research report on Tuesday. Wells Fargo & Company started coverage on Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Loop Capital raised their target price on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Finally, Piper Sandler lifted their price objective on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given 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 $158.20.

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.