7,000 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Formula Growth Ltd.

Formula Growth Ltd. acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 7,000 shares of the company's stock, valued at approximately $1,144,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd bought a new stake in shares of Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $33,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Guggenheim decreased their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Needham & Company LLC reiterated a "buy" rating and set a $220.00 target price on shares of Reddit in a report on Friday, March 21st. Loop Capital restated a "buy" rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. Finally, Bank of America lowered their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average price target of $142.22.

Reddit Trading Up 0.7 %

NYSE:RDDT opened at $96.04 on Friday. The stock has a 50 day simple moving average of $131.49 and a 200 day simple moving average of $140.37. The stock has a market cap of $17.37 billion and a P/E ratio of -12.42. Reddit, Inc. has a 1-year low of $40.17 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. As a group, sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 714,202 shares of company stock worth $96,326,958 in the last quarter.

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.

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