Shikiar Asset Management Inc. Takes $368,000 Position in Reddit, Inc. (NYSE:RDDT)

Shikiar Asset Management Inc. acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel.com reports. The fund acquired 2,250 shares of the company’s stock, valued at approximately $368,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in RDDT. Renaissance Technologies LLC acquired a new position in Reddit in the 2nd quarter worth $13,411,000. Hsbc Holdings PLC acquired a new position in shares of Reddit during the second quarter worth about $203,000. Marshall Wace LLP boosted its position in shares of Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after buying an additional 457,588 shares during the period. Alight Capital Management LP bought a new position in shares of Reddit during the second quarter worth about $3,194,000. Finally, Maverick Capital Ltd. raised its position in Reddit by 147.4% in the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock valued at $47,416,000 after buying an additional 442,145 shares during the last quarter.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. Sanford C. Bernstein raised their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Raymond James lifted their price target on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Citigroup increased their price objective on shares of Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Piper Sandler lifted their target price on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $148.25.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at $73,735,305.75. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 231,023 shares of company stock valued at $34,118,355.

Reddit Price Performance

Shares of RDDT opened at $175.57 on Friday. The company’s 50-day moving average is $157.24 and its 200-day moving average is $99.68. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $187.69.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $313.61 million. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current fiscal 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.