Driehaus Capital Management LLC Raises Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Driehaus Capital Management LLC increased its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 174,268 shares of the company's stock after purchasing an additional 6,169 shares during the quarter. Driehaus Capital Management LLC owned 0.10% of Reddit worth $28,482,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC lifted its holdings in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the period. Vanguard Group Inc. lifted its holdings in Reddit by 184.2% in the fourth 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 acquired a new position in Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. lifted its holdings in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Lord Abbett & CO. LLC lifted its holdings in Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after acquiring an additional 211,636 shares during the period.

Reddit Trading Up 2.4%

Reddit stock traded up $2.59 during midday trading on Monday, reaching $111.05. 7,058,739 shares of the stock traded hands, compared to its average volume of 5,870,865. The company has a 50-day simple moving average of $111.54 and a two-hundred day simple moving average of $145.23. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The firm 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 (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The business 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 business's quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter last year, the business posted ($8.19) EPS. Equities research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In related news, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. The trade was a 7.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. The trade was a 19.82% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 725,270 shares of company stock worth $95,789,365.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RDDT. Redburn Atlantic assumed coverage on Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. Raymond James reduced their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Guggenheim reduced their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a research note on Friday, May 2nd. JPMorgan Chase & Co. reduced their price objective on Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Loop Capital reaffirmed a "buy" rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.