Two Sigma Advisers LP Acquires Shares of 687,100 Reddit, Inc. (NYSE:RDDT)

Two Sigma Advisers LP bought a new position in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, HoldingsChannel.com reports. The fund bought 687,100 shares of the company’s stock, valued at approximately $112,300,000.

A number of other large investors have also made changes to their positions in the company. Tidal Investments LLC purchased a new position in Reddit during the 4th quarter worth approximately $2,388,000. Scientech Research LLC purchased a new stake in shares of Reddit in the fourth quarter valued at $1,519,000. Snowden Capital Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter worth $378,000. Shay Capital LLC purchased a new position in shares of Reddit during the fourth quarter valued at $932,000. Finally, Polar Capital Holdings Plc acquired a new position in Reddit during the fourth quarter valued at $123,115,000.

Reddit Price Performance

NYSE RDDT opened at $113.35 on Monday. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The stock’s 50-day moving average is $109.40 and its two-hundred day moving average is $145.91. The firm has a market cap of $20.92 billion, a P/E ratio of -14.66, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last posted its earnings results 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. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the company earned ($8.19) earnings per share. The business’s revenue was up 61.5% compared to the same quarter last year. On average, equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on RDDT shares. Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research note on Friday, May 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Citigroup increased their target price on shares of Reddit from $150.00 to $158.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Robert W. Baird set a $140.00 price target on shares of Reddit in a report on Monday, May 5th. Finally, Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target on the stock in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.77.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $115,370,905.32. The trade was a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock worth $95,789,365 over the last three months.

About Reddit

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.