Monolith Management Ltd Invests $6.05 Million in Reddit, Inc. (NYSE:RDDT)

Monolith Management Ltd 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 & Exchange Commission. The fund bought 37,000 shares of the company's stock, valued at approximately $6,047,000. Reddit accounts for approximately 3.1% of Monolith Management Ltd's investment portfolio, making the stock its 12th biggest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ridgewood Investments LLC raised its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after purchasing an additional 100 shares during the period. Proficio Capital Partners LLC increased its holdings in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its holdings 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 buying an additional 147 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Reddit by 10.8% during 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. Finally, Foundations Investment Advisors LLC grew its holdings in shares of Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares during the last quarter.

Reddit Stock Performance

Shares of Reddit stock traded up $1.09 during trading on Tuesday, hitting $122.30. 3,709,631 shares of the stock were exchanged, compared to its average volume of 7,300,942. The stock's fifty day moving average is $120.74 and its 200 day moving average is $142.98. The stock has a market cap of $22.12 billion and a PE ratio of -15.82. Reddit, Inc. has a 12 month low of $44.15 and a 12 month high of $230.41.

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

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,068 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $111.28, for a total transaction of $563,967.04. Following the completion of the sale, the chief technology officer now directly owns 20,184 shares of the company's stock, valued at $2,246,075.52. The trade was a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 725,270 shares of company stock worth $97,067,425.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Bank of America reduced their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and upped their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Redburn Atlantic started coverage on Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective on the stock. Finally, Citigroup reduced their target price on Reddit from $220.00 to $150.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Two equities research 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 company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $142.22.

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.