Moore Capital Management LP Purchases New Stake in Reddit, Inc. (NYSE:RDDT)

Moore Capital Management LP bought a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,890 shares of the company's stock, valued at approximately $1,126,000.

Other hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new position in Reddit in the 4th quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the fourth quarter valued at $28,000. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the 4th quarter valued at $33,000. Bogart Wealth LLC purchased a new stake in Reddit in the 4th quarter worth $33,000. Finally, Spire Wealth Management bought a new position in shares of Reddit during the 4th quarter valued at about $35,000.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $115,370,905.32. This trade represents a 2.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 725,270 shares of company stock worth $95,789,365.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective on the stock in a research note on Friday, May 2nd. Redburn Atlantic assumed coverage on shares of Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. JMP Securities reiterated a "market outperform" rating and issued a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. B. Riley reaffirmed a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $140.35.

Reddit Trading Down 0.2%

Shares of RDDT traded down $0.24 during trading hours on Friday, reaching $113.35. The company had a trading volume of 8,328,996 shares, compared to its average volume of 5,974,083. The firm has a 50 day simple moving average of $109.59 and a 200-day simple moving average of $145.30. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of -14.66, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The business 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 business's revenue was up 61.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($8.19) EPS. Sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.