UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys Shares of 41,323 Reddit, Inc. (NYSE:RDDT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 41,323 shares of the company’s stock, valued at approximately $2,724,000.

Other hedge funds have also recently made changes to their positions in the company. ARK Investment Management LLC lifted its stake in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock valued at $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Objective Capital Management LLC purchased a new stake in Reddit during the 3rd quarter valued at $391,000. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit in the 3rd quarter worth $474,403,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after purchasing an additional 332,604 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on RDDT shares. Sanford C. Bernstein increased their price objective on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Bank of America lifted their price target on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. JMP Securities boosted their price objective on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Robert W. Baird raised their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Needham & Company LLC boosted their target price on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $124.42.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.18, for a total transaction of $1,972,646.94. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $91,282,605.26. This trade represents a 2.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.19, for a total transaction of $828,660.00. Following the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $38,578,562.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 325,644 shares of company stock valued at $31,195,790.

Reddit Trading Up 5.6 %

Shares of NYSE:RDDT opened at $172.65 on Friday. The stock has a 50 day moving average of $117.99 and a 200 day moving average of $81.41. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $180.74.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s revenue was up 67.9% on a year-over-year basis. As a group, research analysts expect that Reddit, Inc. will post -3.46 earnings per share for the current year.

About Reddit

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.