Totem Point Management LLC bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,786 shares of the company's stock, valued at approximately $1,273,000. Reddit comprises approximately 1.3% of Totem Point Management LLC's investment portfolio, making the stock its 16th largest holding.
A number of other hedge funds have also made changes to their positions in RDDT. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the fourth quarter worth $28,000. Ridgewood Investments LLC lifted its position in shares of 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 acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit during the 4th quarter worth about $33,000.
Reddit Trading Up 7.9 %
RDDT stock opened at $101.60 on Wednesday. The stock's 50 day simple moving average is $126.96 and its 200 day simple moving average is $141.27. Reddit, Inc. has a 12-month low of $40.85 and a 12-month high of $230.41. The firm has a market cap of $18.38 billion and a P/E ratio of -13.14.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have issued reports on RDDT. Roth Capital cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Morgan Stanley decreased their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. JMP Securities set a $155.00 target price on Reddit in a research report on Friday, March 28th. Redburn Atlantic started coverage on Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target for the company. Finally, Oppenheimer began coverage on shares of Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $142.22.
View Our Latest Report on RDDT
Insiders Place Their Bets
In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. This trade represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total transaction of $12,024,033.20. Following the transaction, the chief executive officer now owns 577,013 shares of the company's stock, valued at $55,768,306.45. This represents a 17.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 709,202 shares of company stock valued at $95,406,208 over the last quarter.
About Reddit
(
Free Report)
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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Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit, Inc. (NYSE:RDDT - Free Report).
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