Alight Capital Management LP Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Alight Capital Management LP acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,000 shares of the company's stock, valued at approximately $1,144,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter valued at $494,861,000. Renaissance Capital LLC raised its position in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. boosted its stake in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Finally, Chung Wu Investment Group LLC bought a new stake in Reddit in the 4th quarter worth about $327,000.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 711,270 shares of company stock worth $94,239,985.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Morgan Stanley lowered their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Oppenheimer began coverage on shares of Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price on the stock. Guggenheim reduced their price target on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday. Bank of America decreased their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Finally, Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a report on Friday. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and a consensus price target of $142.30.

Reddit Stock Up 2.3 %

Shares of Reddit stock traded up $2.60 on Monday, reaching $116.43. 11,507,123 shares of the stock were exchanged, compared to its average volume of 5,848,417. Reddit, Inc. has a twelve month low of $46.75 and a twelve month high of $230.41. The business has a 50 day moving average price of $116.82 and a two-hundred day moving average price of $144.15. The firm has a market capitalization of $21.06 billion, a price-to-earnings ratio of -15.06, a PEG ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $370.55 million. During the same quarter last year, the business posted ($8.19) EPS. The company's revenue was up 61.5% on a year-over-year basis. Research analysts forecast that Reddit, Inc. will post 1.12 EPS 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.