6,890 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Moore Capital Management LP

Moore Capital Management LP purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,890 shares of the company’s stock, valued at approximately $1,126,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new position in Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter worth about $28,000. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the fourth quarter worth about $33,000. Bogart Wealth LLC bought a new stake in Reddit in the fourth quarter worth about $33,000. Finally, Spire Wealth Management bought a new stake in Reddit in the fourth quarter worth about $35,000.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Truist Financial assumed coverage on shares of Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 price objective on the stock. B. Riley reissued a “buy” rating and issued a $220.00 price target (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Roth Capital reissued a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. Wells Fargo & Company boosted their price target on shares of Reddit from $158.00 to $168.00 and gave the company an “overweight” rating in a research report on Friday, May 2nd. Finally, Guggenheim lowered their price target on shares of Reddit from $170.00 to $165.00 and set a “buy” rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $140.35.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. This trade represents a 2.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $99.75, for a total transaction of $1,097,250.00. Following the transaction, the chief technology officer now directly owns 281,213 shares in the company, valued at approximately $28,050,996.75. This represents a 3.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $95,789,365 in the last quarter.

Reddit Price Performance

Shares of NYSE:RDDT opened at $111.05 on Tuesday. The company’s fifty day moving average price is $110.40 and its 200-day moving average price is $145.44. The firm has a market capitalization of $20.09 billion, a price-to-earnings ratio of -14.37, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($8.19) EPS. As a group, equities research analysts expect that Reddit, Inc. will post 1.12 EPS 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.