Reddit Inc. $RDDT Holdings Raised by Clough Capital Partners L P

Clough Capital Partners L P increased its holdings in Reddit Inc. (NYSE:RDDT – Free Report) by 382.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,563 shares of the company’s stock after acquiring an additional 13,133 shares during the period. Clough Capital Partners L P’s holdings in Reddit were worth $3,807,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new stake in Reddit in the 3rd quarter worth about $25,000. GW&K Investment Management LLC purchased a new stake in Reddit in the 3rd quarter worth about $30,000. LOM Asset Management Ltd purchased a new stake in Reddit in the 4th quarter worth about $33,000. Noble Wealth Management PBC purchased a new stake in Reddit in the 4th quarter worth about $34,000. Finally, Sound Income Strategies LLC purchased a new stake in Reddit in the 4th quarter worth about $47,000.

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Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 211,334 shares of company stock valued at $33,715,773. Insiders own 28.48% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a research note on Monday, April 27th. Citizens Jmp dropped their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Finally, Bank of America dropped their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $230.75.

Get Our Latest Stock Analysis on RDDT

Reddit Stock Performance

Shares of NYSE RDDT opened at $165.98 on Thursday. The firm has a market cap of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91. The business’s 50-day simple moving average is $159.63 and its 200-day simple moving average is $175.98. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95.

Reddit (NYSE:RDDT – Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 EPS. As a group, equities research analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current year.

Reddit Company Profile

(Free Report)

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.

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