Transcendent Capital Group LLC Makes New $1.83 Million Investment in Reddit Inc. $RDDT

Transcendent Capital Group LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,939 shares of the company’s stock, valued at approximately $1,825,000.

Other hedge funds have also modified their holdings of the company. NewEdge Advisors LLC boosted its position in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after acquiring an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new position in Reddit in the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, February 13th. The stock was sold at an average price of $138.81, for a total transaction of $2,498,580.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $62,266,834.56. This represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sarah E. Farrell acquired 43,800 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The shares were acquired at an average cost of $149.52 per share, with a total value of $6,548,976.00. Following the completion of the transaction, the director directly owned 43,800 shares in the company, valued at approximately $6,548,976. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 294,441 shares worth $46,813,210. Insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on RDDT. B. Riley Financial upped their price target on Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Guggenheim boosted their price objective on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Bank of America dropped their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Evercore reaffirmed an “outperform” rating and issued a $290.00 target price on shares of Reddit in a research note on Friday, February 6th. Finally, Robert W. Baird set a $200.00 price target on Reddit in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $237.46.

Reddit Price Performance

Shares of NYSE RDDT opened at $162.38 on Friday. The company has a market capitalization of $31.02 billion, a P/E ratio of 61.98, a P/E/G ratio of 1.15 and a beta of 2.40. The company has a 50 day simple moving average of $141.15 and a 200-day simple moving average of $188.09. Reddit Inc. has a 1 year low of $90.78 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share. As a group, research analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.