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

Centiva Capital LP bought a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,514 shares of the company's stock, valued at approximately $1,228,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new position in Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. grew its holdings in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period. Brooklyn FI LLC purchased a new stake in Reddit in the fourth quarter worth $303,082,000. Finally, GQG Partners LLC bought a new stake in shares of Reddit in the fourth quarter valued at $271,539,000.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $110.67, for a total value of $1,549,380.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $63,858,028.71. The trade was a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the firm'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 transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 725,270 shares of company stock valued at $95,789,365.

Reddit Stock Up 0.5 %

NYSE:RDDT traded up $0.52 during midday trading on Friday, hitting $108.35. The company had a trading volume of 4,828,120 shares, compared to its average volume of 5,866,048. The company has a market capitalization of $19.60 billion, a PE ratio of -14.02, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The stock's fifty day moving average price is $111.54 and its 200-day moving average price is $144.77.

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 the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates 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 was up 61.5% on a year-over-year basis. During the same period in the prior year, the company earned ($8.19) EPS. As a group, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RDDT. Wells Fargo & Company lifted 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. Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday, March 17th. Roth Mkm upped their price target on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Oppenheimer started coverage on shares of Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. Finally, Roth Capital restated a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. 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 assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of "Moderate Buy" and a consensus target price of $140.35.

Reddit Company 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.