70,600 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Ogborne Capital Management LLC

Ogborne Capital Management LLC bought 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. The fund bought 70,600 shares of the company's stock, valued at approximately $11,539,000. Reddit comprises 1.8% of Ogborne Capital Management LLC's investment portfolio, making the stock its 10th biggest position.

Other hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC boosted its holdings in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after acquiring an additional 120 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. UMB Bank n.a. lifted its holdings in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after buying an additional 150 shares during the last quarter. Foundations Investment Advisors LLC boosted its holdings in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after purchasing an additional 155 shares in the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Reddit during the 4th quarter worth approximately $27,000.

Insider Activity

In related news, insider Benjamin Seong Lee sold 92,299 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This represents a 44.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $110.67, for a total transaction of $1,549,380.00. Following the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $63,858,028.71. This represents a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 725,270 shares of company stock valued at $95,789,365 in the last 90 days.

Reddit Price Performance

Shares of NYSE RDDT opened at $111.05 on Tuesday. The company has a 50-day simple moving average of $110.40 and a 200-day simple moving average of $145.44. The company has a market cap of $20.09 billion, a PE ratio of -14.37, a price-to-earnings-growth 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 data on Thursday, May 1st. The company reported $0.13 EPS 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 the consensus estimate of $370.55 million. During the same quarter in the previous year, the business earned ($8.19) earnings per share. The business's revenue for the quarter was up 61.5% on a year-over-year basis. On average, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RDDT. JPMorgan Chase & Co. decreased their target price on Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Roth Capital reissued a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Sanford C. Bernstein upgraded shares of 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. Robert W. Baird set a $140.00 price target on Reddit in a report on Monday, May 5th. Finally, Truist Financial initiated coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $140.35.

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.

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