71,121 Shares in Reddit, Inc. (NYSE:RDDT) Bought by AlpInvest Partners B.V.

AlpInvest Partners B.V. bought a new position in Reddit, Inc. (NYSE:RDDT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 71,121 shares of the company’s stock, valued at approximately $4,688,000. Reddit accounts for 2.8% of AlpInvest Partners B.V.’s investment portfolio, making the stock its 9th largest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. boosted its stake in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after buying an additional 176 shares during the last quarter. Whittier Trust Co. acquired a new position in shares of Reddit during the 3rd quarter worth about $42,000. BNP Paribas Financial Markets acquired a new position in shares of Reddit during the 1st quarter worth about $37,000. Vestor Capital LLC boosted its stake in shares of Reddit by 1.1% during the 3rd quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after buying an additional 922 shares during the last quarter. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of Reddit during the 2nd quarter worth about $78,000.

Analysts Set New Price Targets

RDDT has been the topic of a number of research analyst reports. Needham & Company LLC upped their target price on shares of Reddit from $85.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Jefferies Financial Group upped their target price on shares of Reddit from $90.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. B. Riley reaffirmed a “buy” rating and issued a $112.00 target price (up from $87.00) on shares of Reddit in a report on Wednesday, October 30th. Morgan Stanley increased their price target on shares of Reddit from $63.00 to $70.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Roth Mkm increased their price target on shares of Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.67.

Reddit Stock Performance

Shares of NYSE RDDT traded down $2.66 during trading hours on Wednesday, hitting $134.50. 575,765 shares of the stock were exchanged, compared to its average volume of 4,853,221. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $139.04. The company’s fifty day simple moving average is $86.83 and its two-hundred day simple moving average is $69.49.

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

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the transaction, the director now owns 46,459 shares in the company, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $56.32, for a total transaction of $1,042,990.08. Following the transaction, the insider now owns 175,954 shares in the company, valued at approximately $9,909,729.28. This trade represents a 9.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 252,187 shares of company stock worth $18,252,235 over the last quarter.

Reddit 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.