Polianta Ltd Purchases Shares of 9,500 Reddit, Inc. (NYSE:RDDT)

Polianta Ltd purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the first quarter, HoldingsChannel.com reports. The firm purchased 9,500 shares of the company’s stock, valued at approximately $996,000.

Several other hedge funds have also added to or reduced their stakes in the company. FMR LLC lifted its holdings in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of 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 acquiring an additional 2,537,768 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in shares of Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock valued at $304,325,000 after acquiring an additional 211,636 shares in the last quarter. Finally, Brooklyn FI LLC acquired a new position in shares of Reddit in the fourth quarter valued at about $303,082,000.

Reddit Price Performance

Reddit stock opened at $116.03 on Friday. The firm has a market cap of $21.41 billion, a P/E ratio of -15.01, a P/E/G ratio of 4.72 and a beta of 1.99. The stock’s 50 day moving average is $108.28 and its 200 day moving average is $142.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT) last announced 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. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm’s revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($8.19) EPS. Equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total value of $269,761.65. Following the completion of the sale, the chief accounting officer now directly owns 42,277 shares of the company’s stock, valued at $4,179,081.45. This trade represents a 6.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 553,467 shares of company stock valued at $60,888,391 in the last quarter. 34.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of several research reports. 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. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 target price (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Royal Bank of Canada initiated coverage on Reddit in a research note on Tuesday, June 3rd. They set a “sector perform” rating and a $125.00 target price for the company. Roth Mkm boosted their target price on Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Finally, Loop Capital cut their target price on shares of Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $139.35.

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.