Geneva Partners LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Geneva Partners LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 5,553 shares of the company’s stock, valued at approximately $908,000.

Other institutional investors have also recently bought and sold shares of the company. Jennison Associates LLC acquired a new stake in shares of Reddit during the fourth quarter worth approximately $494,861,000. ARK Investment Management LLC grew its holdings in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after acquiring an additional 192,785 shares in the last quarter. Renaissance Capital LLC increased its stake in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares during the last quarter. Wellington Management Group LLP grew its stake in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. JMP Securities increased their price objective on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a report on Monday, January 27th. Needham & Company LLC boosted their price objective on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Loop Capital increased their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and upped their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.70.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. 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 the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 over the last three months.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $220.84 on Thursday. The business has a 50 day simple moving average of $173.19 and a two-hundred day simple moving average of $111.88. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $221.18.

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.