Bwcp LP Acquires Shares of 39,014 Reddit, Inc. (NYSE:RDDT)

Bwcp LP bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 39,014 shares of the company's stock, valued at approximately $6,376,000. Reddit comprises approximately 1.4% of Bwcp LP's holdings, making the stock its 24th largest position.

A number of other large investors have also recently added to or reduced their stakes in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Reddit in the third quarter valued at approximately $3,929,000. Somnio Financial Group LLC acquired a new position in shares of Reddit in the fourth quarter valued at $640,000. Everence Capital Management Inc. bought a new position in shares of Reddit in the fourth quarter valued at about $531,000. Watts Gwilliam & Co. LLC acquired a new position in Reddit in the 4th quarter valued at about $337,000. Finally, Ridgewood Investments LLC raised its holdings in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the period.

Reddit Price Performance

Shares of NYSE RDDT traded up $2.60 during mid-day trading on Monday, reaching $116.43. 11,507,123 shares of the company's stock were exchanged, compared to its average volume of 5,848,417. The firm has a market capitalization of $21.06 billion, a price-to-earnings ratio of -15.06, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. The firm has a 50-day moving average price of $116.82 and a two-hundred day moving average price of $144.15. Reddit, Inc. has a 52 week low of $46.75 and a 52 week high of $230.41.

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

Analysts Set New Price Targets

Several research analysts have commented on the stock. Bank of America lowered their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Redburn Atlantic assumed coverage on Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. Sanford C. Bernstein upgraded Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a research report on Friday. Piper Sandler reaffirmed an "overweight" rating and issued a $150.00 price objective (up from $140.00) on shares of Reddit in a research note on Friday. Finally, Redburn Partners set a $75.00 price objective on shares of Reddit in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus target price of $142.30.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. The trade was a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at $7,621,477.38. The trade was a 19.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 711,270 shares of company stock valued at $94,239,985.

Reddit Profile

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.