Polar Asset Management Partners Inc. Boosts Holdings in Reddit, Inc. (NYSE:RDDT)

Polar Asset Management Partners Inc. lifted its stake in Reddit, Inc. (NYSE:RDDT) by 214.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,400 shares of the company’s stock after buying an additional 75,300 shares during the period. Polar Asset Management Partners Inc. owned approximately 0.06% of Reddit worth $7,278,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. FMR LLC grew 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 purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new position in Reddit during the 3rd quarter worth $474,403,000. Holocene Advisors LP grew its position in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Vanguard Group Inc. purchased a new position in Reddit during the 1st quarter worth $82,167,000. Finally, Avala Global LP grew its position in Reddit by 680.1% during the 3rd quarter. Avala Global LP now owns 546,100 shares of the company’s stock worth $35,999,000 after purchasing an additional 476,100 shares during the last quarter.

Reddit Stock Performance

Shares of RDDT opened at $149.92 on Wednesday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $158.49. The company has a 50-day moving average of $102.91 and a two-hundred day moving average of $75.68.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business 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 for the quarter was up 67.9% on a year-over-year basis. On average, equities research analysts expect that Reddit, Inc. will post -3.63 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the sale, the chief executive officer now directly owns 634,971 shares in the company, valued at $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 325,644 shares of company stock worth $31,195,790.

Analyst Ratings Changes

RDDT has been the subject of several recent analyst reports. Piper Sandler restated an “overweight” rating and issued a $150.00 target price (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. JMP Securities raised their target price on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Bank of America raised their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Sanford C. Bernstein raised their target price on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $103.17.

About Reddit

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.