362,644 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Palestra Capital Management LLC

Palestra Capital Management LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 362,644 shares of the company’s stock, valued at approximately $59,271,000. Reddit comprises approximately 1.6% of Palestra Capital Management LLC’s holdings, making the stock its 24th largest position. Palestra Capital Management LLC owned about 0.21% of Reddit as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SOA Wealth Advisors LLC. raised its stake in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after buying an additional 691 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Reddit in the 3rd quarter worth about $3,929,000. Lord Abbett & CO. LLC lifted its stake in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period. Somnio Financial Group LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $640,000. Finally, Everence Capital Management Inc. acquired a new stake in Reddit during the fourth quarter worth approximately $531,000.

Reddit Stock Down 4.4 %

Reddit stock opened at $116.72 on Thursday. The firm has a 50 day moving average price of $118.69 and a 200-day moving average price of $142.66. Reddit, Inc. has a twelve month low of $44.60 and a twelve month high of $230.41. The company has a market capitalization of $21.12 billion and a P/E ratio of -15.10.

Reddit (NYSE:RDDT) last announced 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%. Equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total transaction of $12,024,033.20. Following the sale, the chief executive officer now owns 577,013 shares of the company’s stock, valued at approximately $55,768,306.45. This represents a 17.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 725,270 shares of company stock worth $97,067,425 in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on RDDT shares. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Loop Capital reissued a “buy” rating and issued a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. Bank of America lowered their price objective on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Finally, Morgan Stanley reduced their price objective on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $142.22.

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.