Cantor Fitzgerald L. P. Takes $589,000 Position in Reddit, Inc. (NYSE:RDDT)

Cantor Fitzgerald L. P. acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 3,602 shares of the company's stock, valued at approximately $589,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Everence Capital Management Inc. acquired a new position in shares of Reddit in the 4th quarter valued at about $531,000. Watts Gwilliam & Co. LLC bought a new stake in Reddit in the 4th quarter worth about $337,000. Ridgewood Investments LLC increased its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Westmount Partners LLC purchased a new stake in shares of Reddit during the 4th quarter valued at $391,000. Finally, Sivia Capital Partners LLC raised its position in Reddit by 277.6% in the fourth quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company's stock worth $30,167,000 after acquiring an additional 135,700 shares during the period.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $115,370,905.32. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at $7,621,477.38. The trade was 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 have sold 711,270 shares of company stock valued at $94,239,985.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Citigroup raised their price objective on shares of Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. JMP Securities reiterated a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Roth Capital restated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Finally, Redburn Atlantic began coverage on Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price target for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $140.35.

Reddit Price Performance

NYSE:RDDT traded down $4.59 during mid-day trading on Wednesday, hitting $105.40. The company's stock had a trading volume of 9,198,673 shares, compared to its average volume of 5,887,679. The business's fifty day moving average is $113.66 and its two-hundred day moving average is $143.89. The stock has a market cap of $19.07 billion, a price-to-earnings ratio of -13.63, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 1 year low of $48.25 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the firm posted ($8.19) earnings per share. The company's revenue for the quarter was up 61.5% on a year-over-year basis. Analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal 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.