Gordian Capital Singapore Pte Ltd Purchases Shares of 910 Reddit, Inc. (NYSE:RDDT)

Gordian Capital Singapore Pte Ltd acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 910 shares of the company’s stock, valued at approximately $149,000.

Several other institutional investors also recently bought and sold shares of RDDT. Vanguard Group Inc. lifted its holdings in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new stake in Reddit in the 4th quarter valued at $494,861,000. Alliancebernstein L.P. raised its position in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period. Brooklyn FI LLC acquired a new position in shares of Reddit during the fourth quarter worth about $303,082,000. Finally, GQG Partners LLC acquired a new position in shares of Reddit during the fourth quarter worth about $271,539,000.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $137,800,524.81. This trade represents a 2.22% 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, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $114.98, for a total value of $14,304,431.84. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $66,344,954.74. This trade represents a 17.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 835,678 shares of company stock worth $104,986,901 in the last 90 days.

Analyst Ratings Changes

Several brokerages recently commented on RDDT. Citigroup raised their target price on Reddit from $150.00 to $158.00 and gave the company a “buy” rating in a report on Friday, May 2nd. Robert W. Baird lowered their price objective on shares of Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday. Piper Sandler reissued an “overweight” rating and set a $150.00 target price (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price objective for the company in a research report on Friday, May 2nd. Finally, Morgan Stanley cut their price target on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $140.45.

Reddit Price Performance

RDDT opened at $95.71 on Thursday. The stock’s 50 day moving average price is $107.99 and its 200 day moving average price is $145.25. The stock has a market cap of $17.66 billion, a P/E ratio of -12.38, 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.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($8.19) earnings per share. Equities analysts anticipate 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.