Dark Forest Capital Management LP Takes Position in Reddit, Inc. (NYSE:RDDT)

Dark Forest Capital Management LP acquired a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,922 shares of the company's stock, valued at approximately $641,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. SOA Wealth Advisors LLC. boosted its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock worth $126,000 after purchasing an additional 691 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Reddit during the 3rd quarter worth $144,000. Wilmington Savings Fund Society FSB acquired a new position in Reddit during the 3rd quarter worth $3,929,000. Lord Abbett & CO. LLC lifted its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter. Finally, Somnio Financial Group LLC acquired a new position in Reddit during the 4th quarter worth $640,000.

Insiders Place Their Bets

In related news, Director David C. Habiger bought 774 shares of Reddit stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the transaction, the director now directly owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,068 shares of the stock in a transaction that occurred on Thursday, April 24th. The shares were sold at an average price of $111.28, for a total transaction of $563,967.04. Following the transaction, the chief technology officer now directly owns 20,184 shares of the company's stock, valued at $2,246,075.52. This represents a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 725,270 shares of company stock valued at $97,067,425.

Reddit Stock Performance

Shares of RDDT stock traded up $3.06 during trading hours on Monday, hitting $121.16. 8,879,364 shares of the company were exchanged, compared to its average volume of 5,617,844. The firm has a market cap of $21.92 billion and a P/E ratio of -15.67. Reddit, Inc. has a fifty-two week low of $44.15 and a fifty-two week high of $230.41. The company has a 50 day simple moving average of $120.74 and a two-hundred day simple moving average of $142.98.

Reddit (NYSE:RDDT - Get Free Report) last issued its 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%. As a group, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on RDDT shares. Morgan Stanley cut their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. The Goldman Sachs Group cut their price objective on shares of Reddit from $185.00 to $124.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Oppenheimer began coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective for the company. Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Finally, Citigroup cut their price objective on shares of Reddit from $220.00 to $150.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $142.22.

About Reddit

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.