Renaissance Capital LLC Has $1.80 Million Stake in Reddit, Inc. (NYSE:RDDT)

Renaissance Capital LLC increased its position in Reddit, Inc. (NYSE:RDDT) by 20.0% during the third quarter, HoldingsChannel reports. The institutional investor owned 27,344 shares of the company’s stock after acquiring an additional 4,566 shares during the period. Reddit comprises 1.2% of Renaissance Capital LLC’s investment portfolio, making the stock its 21st biggest position. Renaissance Capital LLC’s holdings in Reddit were worth $1,803,000 at the end of the most recent quarter.

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

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, September 30th. The stock was sold at an average price of $66.20, for a total transaction of $926,800.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $43,147,505. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $66.20, for a total value of $926,800.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $43,147,505. 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 at this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 337,993 shares of company stock worth $19,517,419 in the last 90 days.

Reddit Stock Performance

Shares of RDDT stock opened at $75.19 on Wednesday. The firm has a fifty day moving average of $61.64 and a 200-day moving average of $58.48. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings results 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 business had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. The business’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period last year, the company earned ($0.70) EPS. Sell-side analysts expect that Reddit, Inc. will post -4.11 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on RDDT shares. 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 note on Monday, July 22nd. Morgan Stanley lifted their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group began coverage on shares of Reddit in a report on Wednesday, October 9th. They set a “buy” rating and a $90.00 price objective for the company. Roth Mkm dropped their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, B. Riley began coverage on shares of Reddit in a report on Friday, September 20th. They set a “buy” rating and a $75.00 price target for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.28.

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.