Soros Capital Management LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Soros Capital Management LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 63,020 shares of the company's stock, valued at approximately $10,300,000. Reddit makes up about 1.6% of Soros Capital Management LLC's holdings, making the stock its 23rd biggest holding.

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

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,068 shares of the company's stock in a transaction 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 completion of the sale, the chief technology officer now owns 20,184 shares of the company's stock, valued at approximately $2,246,075.52. This trade represents a 20.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 714,270 shares of company stock valued at $95,970,175 over the last three months.

Analysts Set New Price Targets

A number of research firms recently commented on RDDT. Bank of America lowered their price target on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. JPMorgan Chase & Co. dropped their price target on Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, Piper Sandler reduced their price target on shares of Reddit from $220.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.22.

Reddit Stock Up 4.6 %

NYSE:RDDT traded up $4.90 on Thursday, reaching $112.07. The company's stock had a trading volume of 4,075,194 shares, compared to its average volume of 5,564,466. The stock has a 50 day moving average price of $125.17 and a 200 day moving average price of $141.03. The firm has a market cap of $20.27 billion and a price-to-earnings ratio of -14.50. Reddit, Inc. has a 12-month low of $40.85 and a 12-month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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 research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.