Voloridge Investment Management LLC Raises Position in Reddit, Inc. (NYSE:RDDT)

Voloridge Investment Management LLC boosted its stake in Reddit, Inc. (NYSE:RDDT) by 46.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 963,516 shares of the company’s stock after buying an additional 304,773 shares during the period. Reddit accounts for approximately 0.6% of Voloridge Investment Management LLC’s portfolio, making the stock its 23rd largest position. Voloridge Investment Management LLC owned 0.55% of Reddit worth $157,477,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Jennison Associates LLC purchased a new position in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC raised its holdings in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after acquiring an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after acquiring an additional 139,135 shares during the last quarter. Assetmark Inc. raised its holdings in Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC purchased a new position in Reddit in the 4th quarter worth approximately $327,000.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RDDT shares. Truist Financial started coverage on shares of Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 price objective for the company. Guggenheim decreased their price objective on shares of Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, May 2nd. Seaport Res Ptn upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, May 5th. Citigroup lifted their target price on shares of Reddit from $150.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Finally, The Goldman Sachs Group lifted their target price on shares of Reddit from $124.00 to $140.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $141.36.

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 20,000 shares of Reddit stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. The trade was a 43.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This trade represents a 17.57% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 802,345 shares of company stock worth $101,207,606.

Reddit Price Performance

Shares of RDDT stock opened at $108.04 on Tuesday. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The firm has a fifty day moving average price of $108.94 and a 200-day moving average price of $145.87. The company has a market cap of $19.94 billion, a price-to-earnings ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. Equities research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

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.