Jefferies Financial Group Inc. Makes New $917,000 Investment in Reddit, Inc. (NYSE:RDDT)

Jefferies Financial Group Inc. bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, Holdings Channel reports. The firm bought 5,611 shares of the company’s stock, valued at approximately $917,000.

Other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new stake in Reddit during the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after purchasing an additional 139,135 shares during the period. Assetmark Inc. boosted its position in Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after purchasing an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC bought a new stake in Reddit during the fourth quarter worth approximately $327,000.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The stock was 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 represents a 44.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. This trade represents a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock worth $95,789,365 over the last three months.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RDDT shares. Oppenheimer started coverage on Reddit in a research report on Wednesday, April 16th. They set an “outperform” rating and a $125.00 target price for the company. Redburn Atlantic assumed coverage on Reddit in a research report on Monday, March 17th. They issued a “sell” rating and a $75.00 price objective for the company. Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 5th. Truist Financial assumed coverage on Reddit in a research report on Monday, April 7th. They issued a “buy” rating and a $150.00 price objective for the company. Finally, Roth Capital reissued a “neutral” rating on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average target price of $140.35.

Reddit Price Performance

Reddit stock opened at $113.73 on Friday. The stock has a fifty day moving average price of $109.59 and a two-hundred day moving average price of $145.30. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The firm has a market capitalization of $20.57 billion, a P/E ratio of -14.71, a P/E/G ratio of 4.72 and a beta of 2.90.

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

Reddit 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.