Peregrine Capital Management LLC Buys New Stake in Reddit Inc. $RDDT

Peregrine Capital Management LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 149,981 shares of the company’s stock, valued at approximately $34,476,000. Reddit makes up about 1.1% of Peregrine Capital Management LLC’s holdings, making the stock its 21st largest holding. Peregrine Capital Management LLC owned 0.08% of Reddit as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares during the period. State Street Corp increased its stake in shares of Reddit by 22.3% in the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company’s stock valued at $570,819,000 after purchasing an additional 451,792 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Reddit by 38.4% in the 3rd quarter. Bank of America Corp DE now owns 1,724,560 shares of the company’s stock valued at $396,632,000 after purchasing an additional 478,095 shares in the last quarter. Invesco Ltd. raised its holdings in Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the period. Finally, Nordea Investment Management AB raised its holdings in Reddit by 4.3% in the 4th quarter. Nordea Investment Management AB now owns 1,151,360 shares of the company’s stock worth $265,273,000 after purchasing an additional 47,187 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. The Goldman Sachs Group dropped their price objective on Reddit from $206.00 to $180.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Truist Financial decreased their target price on Reddit from $275.00 to $260.00 and set a “buy” rating on the stock in a research report on Tuesday, April 7th. UBS Group set a $265.00 price target on shares of Reddit in a research note on Tuesday, January 13th. Finally, Cantor Fitzgerald cut their price target on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $234.22.

Reddit Stock Performance

Shares of RDDT traded down $6.83 during trading hours on Thursday, hitting $157.48. 315,223 shares of the stock were exchanged, compared to its average volume of 5,162,210. The stock’s 50-day moving average price is $142.76 and its two-hundred day moving average price is $186.38. Reddit Inc. has a 12-month low of $94.89 and a 12-month high of $282.95. The company has a market cap of $30.08 billion, a price-to-earnings ratio of 60.20, a price-to-earnings-growth ratio of 1.14 and a beta of 2.40.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same quarter last year, the firm posted $0.36 EPS. The firm’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, research analysts expect that Reddit Inc. will post 4.02 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares in the company, valued at approximately $26,657,460.85. This represents a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders bought 61,000 shares of company stock valued at $8,870,815 and sold 298,441 shares valued at $44,170,999. Corporate insiders own 34.25% of the company’s stock.

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.