The Manufacturers Life Insurance Company Makes New $1.05 Million Investment in Reddit, Inc. (NYSE:RDDT)

The Manufacturers Life Insurance Company bought a new position in Reddit, Inc. (NYSE:RDDT) in the third quarter, HoldingsChannel.com reports. The fund bought 15,979 shares of the company’s stock, valued at approximately $1,053,000.

Several other institutional investors and hedge funds have also modified their holdings of RDDT. VY Capital Management Co. Ltd. purchased a new position in shares of Reddit during the 3rd quarter worth $474,403,000. Marshall Wace LLP boosted its stake in shares of Reddit by 117.2% during 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. Victory Capital Management Inc. boosted its stake in shares of Reddit by 903.8% during the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after acquiring an additional 453,894 shares during the last quarter. Maverick Capital Ltd. boosted its stake in shares of Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Reddit by 194.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after acquiring an additional 332,604 shares during the last quarter.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $59.18, for a total value of $1,972,646.94. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at approximately $91,282,605.26. This represents a 2.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $59.19, for a total transaction of $828,660.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $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 ninety days, insiders have sold 325,644 shares of company stock worth $31,195,790.

Reddit Stock Performance

Reddit stock opened at $165.90 on Thursday. The company’s 50-day moving average price is $112.11 and its 200-day moving average price is $79.25. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $180.74.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue was up 67.9% compared to the same quarter last year. As a group, equities analysts forecast that Reddit, Inc. will post -3.54 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RDDT. Citigroup lifted their price target on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. JPMorgan Chase & Co. lifted their target price on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. Piper Sandler restated an “overweight” rating and set a $150.00 target price (up previously from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Finally, Raymond James lifted their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $124.42.

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.