Totem Point Management LLC Takes $1.27 Million Position in Reddit, Inc. (NYSE:RDDT)

Totem Point Management LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,786 shares of the company’s stock, valued at approximately $1,273,000. Reddit accounts for approximately 1.3% of Totem Point Management LLC’s investment portfolio, making the stock its 16th biggest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Proficio Capital Partners LLC raised its position in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after acquiring an additional 120 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC raised its holdings in shares of Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares in the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They set a “sell” rating and a $75.00 target price for the company. Raymond James cut their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Wells Fargo & Company decreased their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research report on Monday, March 31st. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Finally, Robert W. Baird raised their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $142.22.

Reddit Price Performance

RDDT stock opened at $101.60 on Wednesday. The stock has a market capitalization of $18.38 billion and a price-to-earnings ratio of -13.14. The company has a 50-day moving average of $126.96 and a two-hundred day moving average of $141.27. Reddit, Inc. has a 52-week low of $40.85 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 709,202 shares of company stock valued at $95,406,208 over the last quarter.

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.