Stance Capital LLC Invests $1.64 Million in Reddit Inc. $RDDT
Stance Capital LLC acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 10,904 shares of the company's stock, valued at approximately $1,642,000. Several other large investors have also recently added to or reduced their stakes in the business. Thompson Davis & CO. Inc. purchased a new stake in shares of Reddit during the second quarter worth $384,000. B. Riley Wealth Advisors Inc. acquired a new stake in Reddit in the 2nd quarter valued at about $5,002,000. Cim LLC boosted its stake in shares of Reddit by 9.2% in the 2nd quarter. Cim LLC now owns 8,282 shares of the company's stock valued at $1,247,000 after buying an additional 699 shares during the period. Campbell Capital Management Inc. boosted its stake in shares of Reddit by 134.5% in the 2nd quarter. Campbell Capital Management Inc. now owns 26,055 shares of the company's stock valued at $3,923,000 after buying an additional 14,945 shares during the period. Finally, Hudson Bay Capital Management LP grew its position in shares of Reddit by 414.9% during the second quarter. Hudson Bay Capital Management LP now owns 17,301 shares of the company's stock worth $2,605,000 after buying an additional 13,941 shares in the last quarter. Analyst Ratings ChangesA number of research analysts recently issued reports on RDDT shares. Piper Sandler reiterated an "overweight" rating on shares of Reddit in a research note on Monday, December 1st. B. Riley reiterated a "buy" rating and set a $245.00 target price (up previously from $235.00) on shares of Reddit in a research note on Friday, October 31st. Roth Capital set a $210.00 price target on Reddit in a research note on Friday, October 31st. Morgan Stanley reaffirmed an "overweight" rating and set a $250.00 price objective on shares of Reddit in a research report on Friday, October 31st. Finally, Wells Fargo & Company raised their target price on Reddit from $155.00 to $174.00 and gave the stock a "cautious" rating in a research report on Tuesday, October 7th. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $230.28.View Our Latest Report on RedditReddit Trading Down 3.9%Shares of NYSE RDDT opened at $224.38 on Friday. The stock has a market cap of $42.52 billion, a P/E ratio of 128.95, a P/E/G ratio of 2.48 and a beta of 2.17. The stock has a 50 day moving average of $206.31 and a two-hundred day moving average of $191.61. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million for the quarter, compared to analysts' expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company's quarterly revenue was up 67.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.16 EPS. As a group, research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year. Insider Buying and SellingIn other news, COO Jennifer L. Wong sold 63,427 shares of the company's stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the completion of the sale, the chief operating officer owned 1,184,528 shares in the company, valued at $228,282,236.16. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the transaction, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 405,619 shares of company stock valued at $85,742,898 over the last quarter. 34.25% of the stock is currently owned by insiders. About Reddit (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.Read MoreThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reddit wasn't on the list.While Reddit currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.Get This Free Report
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