Picton Mahoney Asset Management Invests $19.67 Million in Reddit, Inc. (NYSE:RDDT)

Picton Mahoney Asset Management bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 120,376 shares of the company's stock, valued at approximately $19,673,000. Picton Mahoney Asset Management owned about 0.07% of Reddit as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd bought a new position in shares of Reddit during the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the fourth quarter valued at about $28,000. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit in the fourth quarter worth about $33,000.

Reddit Stock Down 0.4 %

RDDT stock traded down $0.49 during trading on Wednesday, reaching $109.62. The company's stock had a trading volume of 9,490,917 shares, compared to its average volume of 5,715,079. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a market capitalization of $19.83 billion and a P/E ratio of -14.18. The company's fifty day moving average is $174.74 and its 200-day moving average is $134.59.

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Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the transaction, the chief technology officer now directly owns 324,837 shares of the company's stock, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 470,461 shares of company stock valued at $74,176,916 in the last 90 days.

Analyst Upgrades and Downgrades

RDDT has been the topic of several recent analyst reports. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Piper Sandler lifted their price objective on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Loop Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday. Finally, The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $164.50.

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.