Cresset Asset Management LLC Buys 804,591 Shares of Reddit, Inc. (NYSE:RDDT)

Cresset Asset Management LLC lifted its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 159.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,308,797 shares of the company's stock after buying an additional 804,591 shares during the period. Reddit makes up 1.0% of Cresset Asset Management LLC's holdings, making the stock its 16th largest position. Cresset Asset Management LLC owned about 0.75% of Reddit worth $213,910,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Cetera Investment Advisers grew its stake in shares of Reddit by 94.3% in the 4th quarter. Cetera Investment Advisers now owns 7,258 shares of the company's stock worth $1,186,000 after purchasing an additional 3,523 shares during the last quarter. Centiva Capital LP bought a new stake in Reddit during the fourth quarter worth approximately $1,228,000. Brevan Howard Capital Management LP bought a new stake in Reddit during the fourth quarter worth approximately $3,696,000. Cantor Fitzgerald L. P. acquired a new position in Reddit in the fourth quarter worth approximately $589,000. Finally, Capstone Investment Advisors LLC bought a new position in shares of Reddit in the fourth quarter valued at $245,000.

Reddit Price Performance

NYSE:RDDT traded up $0.52 during trading hours on Friday, reaching $108.35. The company's stock had a trading volume of 4,828,120 shares, compared to its average volume of 5,860,387. The company has a market cap of $19.60 billion, a price-to-earnings ratio of -14.02, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The business's 50-day moving average is $111.54 and its 200-day moving average is $144.30.

Reddit (NYSE:RDDT - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the firm posted ($8.19) EPS. The firm's revenue for the quarter was up 61.5% on a year-over-year basis. On average, sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RDDT. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Sanford C. Bernstein upgraded 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. Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Oppenheimer started coverage on shares of Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. One 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $140.35.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the firm's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at approximately $74,316,470.40. This trade represents a 17.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David C. Habiger acquired 774 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the transaction, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders sold 725,270 shares of company stock worth $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.