Bamco Inc. NY Boosts Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Bamco Inc. NY increased its position in shares of Reddit, Inc. (NYSE:RDDT) by 4.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 221,254 shares of the company’s stock after buying an additional 10,189 shares during the period. Bamco Inc. NY’s holdings in Reddit were worth $14,585,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. FMR LLC raised its position in shares of Reddit by 302.8% in the third 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 period. VY Capital Management Co. Ltd. purchased a new position in shares of Reddit in the 3rd quarter valued at about $474,403,000. Vanguard Group Inc. purchased a new position in shares of Reddit in the 1st quarter valued at about $82,167,000. Bank of New York Mellon Corp raised its holdings in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after purchasing an additional 153,282 shares during the period. Finally, Marshall Wace LLP boosted its position in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently commented on RDDT shares. Citigroup upped their target price on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Loop Capital upped their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday. Roth Mkm increased their price objective on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Cannonball Research initiated coverage on shares of Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. Finally, Sanford C. Bernstein raised their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. One 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.17.

Reddit Price Performance

Shares of RDDT stock opened at $141.64 on Tuesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $158.49. The company’s 50-day moving average price is $99.72 and its 200-day moving average price is $74.46.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. Equities research analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 21,000 shares of Reddit stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.01, for a total transaction of $3,066,210.00. Following the completion of the sale, the chief technology officer now directly owns 297,925 shares in the company, valued at $43,500,029.25. This trade represents a 6.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 138,401 shares in the company, valued at approximately $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. Over the last three months, insiders have sold 311,644 shares of company stock worth $29,210,730.

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.