LMR Partners LLP Acquires New Shares in Reddit, Inc. (NYSE:RDDT)

LMR Partners LLP purchased a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 9,656 shares of the company’s stock, valued at approximately $1,578,000.

Other large investors have also made changes to their positions in the company. Proficio Capital Partners LLC increased its holdings in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC increased its stake in Reddit by 148.5% in the fourth 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 fourth 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. Foundations Investment Advisors LLC lifted its holdings in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after buying an additional 155 shares during the period. Finally, Plato Investment Management Ltd acquired a new position in shares of Reddit during the fourth quarter valued at about $27,000.

Reddit Stock Up 1.4%

RDDT stock opened at $112.74 on Wednesday. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The company has a market capitalization of $20.40 billion, a P/E ratio of -14.58, a PEG ratio of 4.72 and a beta of 2.90. The company has a 50-day simple moving average of $109.63 and a 200 day simple moving average of $145.21.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the company posted ($8.19) earnings per share. Reddit’s revenue for the quarter was up 61.5% compared to the same quarter last year. Equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $115,370,905.32. This trade represents a 2.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. The trade was a 44.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 725,270 shares of company stock worth $95,789,365.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RDDT shares. Loop Capital reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. 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 report on Friday, May 2nd. Wells Fargo & Company raised their price target on shares of Reddit from $158.00 to $168.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. Finally, Guggenheim decreased their target price on shares of Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $140.35.

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.