Deepwater Asset Management LLC Purchases Shares of 70,153 Reddit Inc. $RDDT

Deepwater Asset Management LLC purchased a new stake in Reddit Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 70,153 shares of the company’s stock, valued at approximately $16,126,000. Reddit accounts for approximately 4.7% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 3rd biggest position.

Other hedge funds also recently bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in Reddit in the 3rd quarter valued at about $25,000. GW&K Investment Management LLC acquired a new stake in Reddit in the 3rd quarter valued at about $30,000. LOM Asset Management Ltd purchased a new position in shares of Reddit in the 4th quarter valued at about $33,000. Noble Wealth Management PBC purchased a new position in shares of Reddit in the 4th quarter valued at about $34,000. Finally, Sound Income Strategies LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $47,000.

Analyst Ratings Changes

A number of research analysts have recently commented on RDDT shares. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a report on Monday, April 27th. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Finally, Bank of America dropped their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,499 shares of company stock valued at $38,515,283 over the last quarter. Company insiders own 28.48% of the company’s stock.

Reddit Stock Down 0.0%

RDDT opened at $173.37 on Monday. The firm has a market cap of $33.37 billion, a price-to-earnings ratio of 49.53 and a beta of 1.91. Reddit Inc. has a 52 week low of $110.85 and a 52 week high of $282.95. The business’s 50 day moving average is $153.12 and its two-hundred day moving average is $177.29.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 earnings per share. Equities analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.