Portman Ltd Acquires Shares of 107,059 Reddit, Inc. (NYSE:RDDT)

Portman Ltd bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 107,059 shares of the company’s stock, valued at approximately $7,057,000. Reddit comprises approximately 17.6% of Portman Ltd’s investment portfolio, making the stock its 2nd largest position. Portman Ltd owned about 0.06% of Reddit at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit during the 3rd quarter valued at approximately $474,403,000. Vanguard Group Inc. bought a new stake in shares of Reddit during the first quarter worth $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Reddit during the first quarter worth $37,015,000. Blackstone Inc. bought a new position in shares of Reddit in the 1st quarter valued at $36,990,000. Finally, Marshall Wace LLP raised its position in Reddit by 117.2% in the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares during the last quarter.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the transaction, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the sale, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 306,520 shares of company stock valued at $27,251,297 in the last quarter.

Analysts Set New Price Targets

Several equities research analysts recently commented on RDDT shares. B. Riley reiterated a “buy” rating and set a $112.00 target price (up from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Piper Sandler reiterated an “overweight” rating and set a $150.00 price target (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Roth Mkm boosted their price objective on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Needham & Company LLC raised their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group upped their price target on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. One equities 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’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.67.

Reddit Stock Down 7.2 %

RDDT opened at $146.67 on Friday. The company has a 50 day moving average of $92.06 and a 200 day moving average of $71.40. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $158.49.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current fiscal 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.