Bayesian Capital Management LP Purchases Shares of 35,300 Reddit, Inc. (NYSE:RDDT)

Bayesian Capital Management LP acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 35,300 shares of the company’s stock, valued at approximately $5,769,000. Reddit comprises 0.7% of Bayesian Capital Management LP’s holdings, making the stock its 18th largest position.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RDDT shares. JMP Securities reiterated a “market outperform” rating and set a $180.00 target price on shares of Reddit in a research note on Friday. Robert W. Baird lifted their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. B. Riley reissued a “buy” rating and issued a $220.00 price objective (down from $222.00) on shares of Reddit in a research report on Friday. Wells Fargo & Company lifted their target price on shares of Reddit from $158.00 to $168.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Citigroup increased their price target on shares of Reddit from $150.00 to $158.00 and gave the company a “buy” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.30.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 5,068 shares of the business’s stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $111.28, for a total transaction of $563,967.04. Following the sale, the chief technology officer now directly owns 20,184 shares in the company, valued at approximately $2,246,075.52. The trade was a 20.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction that occurred on 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 owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 711,270 shares of company stock worth $94,239,985 in the last three months.

Reddit Stock Performance

Shares of RDDT stock opened at $113.01 on Friday. Reddit, Inc. has a fifty-two week low of $46.75 and a fifty-two week high of $230.41. The stock’s fifty day moving average price is $116.82 and its two-hundred day moving average price is $143.67. The company has a market cap of $20.44 billion, a PE ratio of -14.62, a P/E/G ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Reddit’s revenue was up 61.5% compared to the same quarter last year. During the same period last year, the firm posted ($8.19) earnings per share. On average, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.