Twinbeech Capital LP Has $25.75 Million Position in Reddit, Inc. (NYSE:RDDT)

Twinbeech Capital LP lifted its stake in Reddit, Inc. (NYSE:RDDT) by 49.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 157,532 shares of the company’s stock after purchasing an additional 52,330 shares during the period. Twinbeech Capital LP owned 0.09% of Reddit worth $25,747,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of RDDT. Plato Investment Management Ltd bought a new position in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit in the fourth quarter valued at approximately $28,000. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter valued at approximately $33,000. Bogart Wealth LLC bought a new position in Reddit in the fourth quarter valued at approximately $33,000. Finally, Spire Wealth Management bought a new position in Reddit in the fourth quarter valued at approximately $35,000.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research note on Friday, May 2nd. Roth Mkm raised their price objective on shares of Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a research note on Friday, May 2nd. Robert W. Baird set a $140.00 price objective on shares of Reddit in a research note on Monday, May 5th. JMP Securities reissued a “market outperform” rating and set a $180.00 price target on shares of Reddit in a research report on Friday, May 2nd. Finally, Needham & Company LLC lifted their price target on shares of Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $143.77.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction 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. The trade was a 2.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $95,789,365 in the last three months.

Reddit Trading Down 0.2%

RDDT opened at $113.35 on Monday. The stock has a market capitalization of $20.92 billion, a P/E ratio of -14.66, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The firm’s fifty day simple moving average is $109.40 and its 200 day simple moving average is $145.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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 business had revenue of $392.36 million for the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the previous year, the firm posted ($8.19) EPS. The firm’s revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company 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.