Lyell Wealth Management LP Takes Position in Reddit, Inc. (NYSE:RDDT)

by · The Cerbat Gem

Lyell Wealth Management LP acquired a new stake in Reddit, Inc. (NYSE:RDDT – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 7,835 shares of the company’s stock, valued at approximately $516,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit during the 3rd quarter worth approximately $474,403,000. Inclusive Capital Partners L.P. purchased a new position in Reddit during the first quarter worth approximately $103,051,000. Vanguard Group Inc. acquired a new position in Reddit during the first quarter worth $82,167,000. Bank of New York Mellon Corp grew 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 valued at $106,288,000 after buying an additional 153,282 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after acquiring an additional 457,588 shares during the last quarter.

Reddit Stock Performance

Shares of RDDT stock opened at $81.38 on Friday. The company has a 50 day moving average price of $65.57 and a 200 day moving average price of $60.07. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $81.72.

Reddit (NYSE:RDDT – Get Free Report) last released its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to analysts’ expectations of $253.86 million. During the same quarter last year, the business posted ($0.70) earnings per share. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. On average, equities analysts predict that Reddit, Inc. will post -4.1 earnings per share for the current year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Reddit news, COO Jennifer L. Wong sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total transaction of $3,250,500.00. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $100,275,129.57. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the completion of the transaction, the chief technology officer now owns 30,068 shares of the company’s stock, valued at approximately $2,329,668.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 390,327 shares of company stock worth $23,503,224.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent research reports. Piper Sandler boosted their price target on shares of Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Raymond James boosted their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Roth Mkm raised their price target on shares of Reddit from $66.00 to $89.00 and gave the stock a “buy” rating in a report on Wednesday. The Goldman Sachs Group upped their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Finally, Jefferies Financial Group increased their price objective on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $73.61.

Get Our Latest Stock Report on RDDT

Reddit Profile

(Free Report)

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.

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