362,644 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Palestra Capital Management LLC

Palestra Capital Management LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 362,644 shares of the company's stock, valued at approximately $59,271,000. Reddit accounts for approximately 1.6% of Palestra Capital Management LLC's holdings, making the stock its 24th largest position. Palestra Capital Management LLC owned 0.21% of Reddit as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Comerica Bank lifted its holdings in shares of Reddit by 122,300.0% in the 4th quarter. Comerica Bank now owns 3,672 shares of the company's stock worth $600,000 after acquiring an additional 3,669 shares during the last quarter. Voleon Capital Management LP purchased a new stake in Reddit in the fourth quarter valued at approximately $12,878,000. Lido Advisors LLC lifted its stake in Reddit by 62.4% during the fourth quarter. Lido Advisors LLC now owns 7,971 shares of the company's stock worth $1,303,000 after purchasing an additional 3,063 shares in the last quarter. Northern Trust Corp boosted its position in shares of Reddit by 56.5% during the fourth quarter. Northern Trust Corp now owns 267,126 shares of the company's stock worth $43,659,000 after buying an additional 96,461 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Reddit by 20.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 19,236 shares of the company's stock valued at $3,144,000 after buying an additional 3,257 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on RDDT shares. JMP Securities reaffirmed a "market outperform" rating and issued a $180.00 price target on shares of Reddit in a research report on Friday. The Goldman Sachs Group raised their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday. Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target for the company in a report on Friday. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective on the stock. Finally, Needham & Company LLC boosted their target price on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $142.30.

Reddit Trading Down 4.9 %

NYSE RDDT traded down $5.78 during trading hours on Friday, reaching $113.01. 29,544,738 shares of the company's stock were exchanged, compared to its average volume of 5,825,602. The firm has a fifty day moving average of $116.82 and a 200-day moving average of $143.67. Reddit, Inc. has a one year low of $46.75 and a one year high of $230.41. The stock has a market cap of $20.44 billion, a PE ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company's revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($8.19) earnings per share. As a group, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 11,000 shares of the company's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $99.75, for a total transaction of $1,097,250.00. Following the sale, the chief technology officer now owns 281,213 shares in the company, valued at approximately $28,050,996.75. This represents a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 711,270 shares of company stock valued at $94,239,985.

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.