VY Capital Management Co. Ltd. Invests $474.40 Million in Reddit, Inc. (NYSE:RDDT)

VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,196,649 shares of the company’s stock, valued at approximately $474,403,000. Reddit accounts for about 100.0% of VY Capital Management Co. Ltd.’s holdings, making the stock its largest position.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Congress Park Capital LLC purchased a new position in Reddit during the first quarter valued at approximately $279,000. Commonwealth Equity Services LLC purchased a new position in shares of Reddit in the 1st quarter valued at $1,111,000. BNP Paribas Financial Markets bought a new position in shares of Reddit in the 1st quarter worth $37,000. SG Americas Securities LLC purchased a new stake in shares of Reddit during the 1st quarter worth $265,000. Finally, ANTIPODES PARTNERS Ltd bought a new stake in Reddit during the first quarter valued at about $63,000.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Roth Mkm dropped their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Sanford C. Bernstein raised their price objective on Reddit from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Monday, July 22nd. Piper Sandler raised their price objective on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Needham & Company LLC raised their price target on Reddit from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $69.56.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The stock was 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 directly owns 71,162 shares in the company, valued at approximately $3,842,748. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at $3,842,748. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Vollero sold 11,287 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the completion of the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at $53,784,256. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 337,993 shares of company stock worth $19,517,419 over the last three months.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $73.25 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08. The business has a 50-day moving average price of $60.86 and a 200-day moving average price of $58.12.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter in the previous year, the business earned ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% compared to the same quarter last year. Analysts forecast that Reddit, Inc. will post -4.11 EPS for the current year.

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.