Trexquant Investment LP Increases Position in Reddit, Inc. (NYSE:RDDT)

Trexquant Investment LP boosted its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 46.4% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 94,376 shares of the company's stock after acquiring an additional 29,924 shares during the quarter. Trexquant Investment LP owned 0.05% of Reddit worth $15,425,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in Reddit by 194.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company's stock valued at $33,179,000 after acquiring an additional 332,604 shares during the last quarter. Cerity Partners LLC bought a new stake in Reddit in the third quarter valued at approximately $446,000. The Manufacturers Life Insurance Company bought a new stake in Reddit during the 3rd quarter valued at $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Reddit during the third quarter worth about $349,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Reddit in the 3rd quarter worth approximately $2,724,000.

Reddit Price Performance

RDDT stock traded down $12.72 during trading on Thursday, hitting $96.78. 11,828,236 shares of the stock traded hands, compared to its average volume of 5,329,669. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm's 50 day moving average is $161.47 and its two-hundred day moving average is $138.29. The stock has a market cap of $17.51 billion and a price-to-earnings ratio of -12.52.

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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, beating 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%. As a group, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent analyst reports. Guggenheim cut 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. JMP Securities set a $155.00 target price on shares of Reddit in a research note on Friday, March 28th. Needham & Company LLC reissued a "buy" rating and issued a $220.00 price target on shares of Reddit in a research note on Friday, March 21st. Morgan Stanley raised their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Finally, Roth Capital downgraded Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average price target of $163.00.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares of the company's stock, valued at approximately $34,892,909.04. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at $59,593,902.64. The trade was a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 603,794 shares of company stock valued at $89,386,704.

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.