Two Sigma Advisers LP Takes Position in Reddit, Inc. (NYSE:RDDT)

Two Sigma Advisers LP purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 687,100 shares of the company’s stock, valued at approximately $112,300,000. Two Sigma Advisers LP owned approximately 0.39% of Reddit as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter valued at about $28,000. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the 4th quarter valued at about $33,000. Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter valued at about $33,000. Finally, Spire Wealth Management purchased a new position in Reddit during the 4th quarter valued at about $35,000.

Insider Activity

In other news, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. The trade was a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 725,270 shares of company stock valued at $95,789,365.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RDDT. The Goldman Sachs Group raised their target price on shares of Reddit from $124.00 to $140.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. JMP Securities reaffirmed a “market outperform” rating and set a $180.00 price target on shares of Reddit in a research note on Friday, May 2nd. Guggenheim decreased their price target on shares of Reddit from $170.00 to $165.00 and set a “buy” rating on the stock in a research note on Friday, May 2nd. Citigroup boosted their target price on shares of Reddit from $150.00 to $158.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company boosted their target price on shares of Reddit from $158.00 to $168.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.77.

Reddit Trading Down 0.2%

Shares of NYSE:RDDT opened at $113.35 on Monday. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a fifty day simple moving average of $109.40 and a 200 day simple moving average of $145.91. The firm has a market cap of $20.92 billion, a PE ratio of -14.66, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share 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 firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the firm earned ($8.19) earnings per share. The firm’s revenue for the quarter was up 61.5% compared to the same quarter last year. As a group, equities research analysts forecast 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.