Algert Global LLC Takes $5.82 Million Position in Reddit, Inc. (NYSE:RDDT)

Algert Global LLC purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 35,627 shares of the company's stock, valued at approximately $5,823,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Plato Investment Management Ltd acquired a new stake in Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter worth about $28,000. Ridgewood Investments LLC lifted its position 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 in the last quarter. Farmers & Merchants Investments Inc. bought a new stake in Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit in the fourth quarter worth approximately $33,000.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Truist Financial started coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price objective on the stock. Morgan Stanley reduced their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Robert W. Baird set a $140.00 target price on Reddit in a research note on Monday. Wells Fargo & Company increased their price target on Reddit from $158.00 to $168.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Finally, Piper Sandler restated an "overweight" rating and issued a $150.00 price objective (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $140.35.

Reddit Stock Up 0.5 %

Shares of NYSE RDDT traded up $0.52 during mid-day trading on Friday, reaching $108.35. 4,828,120 shares of the company were exchanged, compared to its average volume of 5,860,387. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The company's 50 day moving average price is $112.57 and its 200 day moving average price is $144.09. The stock has a market capitalization of $19.60 billion, a PE ratio of -14.02, a PEG ratio of 4.72 and a beta of 2.90.

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

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger bought 774 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now owns 30,808 shares of the company's stock, valued at $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This trade represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 725,270 shares of company stock valued at $95,789,365.

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.