Reddit Inc. $RDDT Shares Bought by Quantbot Technologies LP

Quantbot Technologies LP boosted its position in shares of Reddit Inc. (NYSE:RDDT) by 137.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 64,959 shares of the company’s stock after acquiring an additional 37,609 shares during the period. Quantbot Technologies LP’s holdings in Reddit were worth $6,814,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CWM LLC grew its holdings in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after acquiring an additional 128 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Reddit during the 4th quarter worth approximately $49,000. Chelsea Counsel Co. acquired a new position in Reddit during the 4th quarter worth approximately $49,000. Stone House Investment Management LLC acquired a new position in Reddit during the 1st quarter worth approximately $31,000. Finally, Quarry LP acquired a new position in Reddit during the 4th quarter worth approximately $59,000.

Reddit Stock Performance

Shares of Reddit stock opened at $241.76 on Tuesday. The company has a market cap of $45.25 billion, a P/E ratio of 219.78, a PEG ratio of 3.91 and a beta of 2.30. Reddit Inc. has a one year low of $52.39 and a one year high of $253.14. The firm has a fifty day moving average of $161.49 and a two-hundred day moving average of $140.91.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.25. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. Reddit’s quarterly revenue was up 77.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.06) EPS. As a group, equities analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on RDDT. Citigroup boosted their price target on shares of Reddit from $158.00 to $163.00 and gave the stock a “buy” rating in a report on Tuesday, June 24th. JMP Securities upped their target price on shares of Reddit from $180.00 to $225.00 and gave the company a “market outperform” rating in a report on Friday, August 1st. Seaport Res Ptn upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a report on Monday, May 5th. Roth Capital upped their target price on shares of Reddit from $130.00 to $145.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Finally, Morgan Stanley upped their target price on shares of Reddit from $170.00 to $230.00 and gave the company an “overweight” rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $171.83.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the completion of the transaction, the chief operating officer owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This represents a 2.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 124,409 shares of the company’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the transaction, the chief executive officer owned 546,133 shares of the company’s stock, valued at approximately $67,966,251.85. The trade was a 18.55% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,568 shares of company stock worth $49,223,917 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

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.