EPIQ Capital Group LLC Buys Shares of 163,106 Reddit, Inc. (NYSE:RDDT)

EPIQ Capital Group LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 163,106 shares of the company's stock, valued at approximately $26,658,000. Reddit accounts for about 7.0% of EPIQ Capital Group LLC's investment portfolio, making the stock its 4th largest holding. EPIQ Capital Group LLC owned about 0.09% of Reddit as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the business. Concurrent Investment Advisors LLC purchased a new position in Reddit in the 3rd quarter valued at approximately $372,000. SpiderRock Advisors LLC acquired a new position in Reddit in the 3rd quarter valued at $3,485,000. Proficio Capital Partners LLC purchased a new position in Reddit during the third quarter worth about $382,000. Long Walk Management LP boosted its position in shares of Reddit by 28.3% in the third quarter. Long Walk Management LP now owns 715,000 shares of the company's stock worth $47,133,000 after acquiring an additional 157,500 shares during the last quarter. Finally, Chartwell Investment Partners LLC raised its stake in Reddit by 80.8% during the third quarter. Chartwell Investment Partners LLC now owns 22,544 shares of the company's stock worth $1,486,000 after purchasing an additional 10,072 shares during the period.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $9.56 during trading on Thursday, reaching $121.12. The company had a trading volume of 7,237,601 shares, compared to its average volume of 5,609,866. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The firm has a market capitalization of $21.91 billion and a PE ratio of -15.67. The firm's fifty day moving average is $178.95 and its 200 day moving average is $132.30.

Reddit (NYSE:RDDT - Get Free Report) last released 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%. Equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares of the company's stock, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock valued at $66,673,388 in the last three months.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RDDT shares. Wells Fargo & Company upped their price target on Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Seaport Res Ptn upgraded Reddit to a "hold" rating in a research note on Thursday, February 6th. Roth Capital lowered shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Finally, Bank of America raised their price objective on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $173.45.

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.