Biechele Royce Advisors Invests $1.75 Million in Reddit, Inc. (NYSE:RDDT)

Biechele Royce Advisors purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 26,603 shares of the company’s stock, valued at approximately $1,754,000. Reddit makes up 0.6% of Biechele Royce Advisors’ investment portfolio, making the stock its 26th biggest position.

Several other institutional investors have also recently bought and sold shares of RDDT. Commonwealth Equity Services LLC bought a new position in Reddit during the 1st quarter valued at $1,111,000. BNP Paribas Financial Markets bought a new stake in shares of Reddit during the 1st quarter worth $37,000. SG Americas Securities LLC bought a new position in Reddit during the first quarter valued at about $265,000. ANTIPODES PARTNERS Ltd bought a new stake in Reddit in the first quarter worth about $63,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Reddit during the 1st quarter worth approximately $82,167,000.

Reddit Trading Down 5.3 %

RDDT traded down $6.32 during midday trading on Friday, reaching $112.98. 12,024,739 shares of the company’s stock traded hands, compared to its average volume of 7,110,488. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $123.60. The firm has a fifty day moving average of $70.13 and a two-hundred day moving average of $62.12.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. Analysts predict that Reddit, Inc. will post -4.05 EPS for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now owns 672,352 shares in the company, valued at $36,293,560.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total transaction of $755,720.00. Following the completion of the sale, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 390,327 shares of company stock worth $23,503,224 over the last ninety days.

Analysts Set New Price Targets

RDDT has been the topic of a number of analyst reports. The Goldman Sachs Group boosted their target price on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Cannonball Research began coverage on Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. Loop Capital lifted their price target on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a report on Monday, October 7th. Finally, Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $89.72.

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.