Katamaran Capital LLP Acquires Shares of 2,596 Reddit, Inc. (NYSE:RDDT)

Katamaran Capital LLP bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, HoldingsChannel reports. The fund bought 2,596 shares of the company’s stock, valued at approximately $424,000. Reddit comprises approximately 0.5% of Katamaran Capital LLP’s portfolio, making the stock its 29th largest holding.

A number of other institutional investors have also made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new position in Reddit during the 4th quarter worth $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the 4th quarter worth $33,000.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RDDT. JPMorgan Chase & Co. raised their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Wells Fargo & Company cut their price objective on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday, March 17th. Loop Capital reaffirmed a “buy” rating and set a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, Citigroup reiterated an “outperform” rating on shares of Reddit in a research report on Friday, March 28th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $163.00.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $86.72 on Friday. The stock has a market capitalization of $15.69 billion and a price-to-earnings ratio of -11.22. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The company has a 50 day moving average price of $157.86 and a 200 day moving average price of $138.19.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $106,161,139.26. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 603,794 shares of company stock valued at $89,386,704.

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.