Ogborne Capital Management LLC Buys New Stake in Reddit, Inc. (NYSE:RDDT)

Ogborne Capital Management LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 70,600 shares of the company's stock, valued at approximately $11,539,000. Reddit makes up about 1.8% of Ogborne Capital Management LLC's portfolio, making the stock its 10th largest holding.

Several other hedge funds have also modified their holdings of the stock. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the fourth quarter valued at $28,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter worth about $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit during the fourth quarter worth about $33,000. Finally, Spire Wealth Management purchased a new position in shares of Reddit during the fourth quarter worth about $35,000.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares of the company's stock, valued at $97,565,226. The trade was a 7.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the business's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $282,386,632.84. This trade represents a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $95,789,365 in the last quarter.

Reddit Stock Performance

RDDT traded down $0.24 during trading on Friday, reaching $113.35. The company's stock had a trading volume of 8,328,996 shares, compared to its average volume of 5,937,313. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The company's fifty day moving average price is $109.40 and its 200-day moving average price is $145.72. The company has a market capitalization of $20.92 billion, a price-to-earnings ratio of -14.66, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last announced 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 company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the company earned ($8.19) EPS. The firm's revenue for the quarter was up 61.5% compared to the same quarter last year. Equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RDDT shares. Piper Sandler reaffirmed an "overweight" rating and set a $150.00 price objective (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Wells Fargo & Company raised their price objective on Reddit from $158.00 to $168.00 and gave the stock an "overweight" rating in a report on Friday, May 2nd. Bank of America dropped their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. 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 report on Friday, May 2nd. Finally, Oppenheimer began coverage on Reddit in a report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $143.77.

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.