Symmetry Investments LP Has $4 Million Stake in Reddit, Inc. (NYSE:RDDT)

Symmetry Investments LP lifted its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 73.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,500 shares of the company's stock after buying an additional 10,400 shares during the period. Symmetry Investments LP's holdings in Reddit were worth $4,004,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Totem Point Management LLC acquired a new stake in shares of Reddit during the 4th quarter worth $1,273,000. MGO One Seven LLC acquired a new stake in Reddit during the fourth quarter worth about $747,000. Dark Forest Capital Management LP bought a new position in Reddit in the 4th quarter valued at about $641,000. Archon Partners LLC acquired a new position in shares of Reddit in the 4th quarter valued at approximately $6,538,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Reddit in the 4th quarter valued at approximately $958,000.

Reddit Stock Up 7.9 %

Shares of RDDT stock opened at $101.60 on Wednesday. Reddit, Inc. has a 52 week low of $40.85 and a 52 week high of $230.41. The firm has a 50 day moving average of $126.96 and a 200-day moving average of $141.27. The company has a market cap of $18.38 billion and a price-to-earnings ratio of -13.14.

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

Analysts Set New Price Targets

A number of brokerages recently issued reports on RDDT. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a research note on Thursday, February 6th. Citigroup reduced their price objective on Reddit from $220.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Guggenheim decreased their price target on shares of Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Bank of America dropped their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen 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 presently has an average rating of "Moderate Buy" and an average price target of $142.22.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 completion of the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 709,202 shares of company stock valued at $95,406,208.

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.

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