Cache Advisors LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Cache Advisors LLC purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 20,000 shares of the company's stock, valued at approximately $3,269,000. Reddit comprises 1.2% of Cache Advisors LLC's holdings, making the stock its 18th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in RDDT. Proficio Capital Partners LLC grew its position in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC grew its position in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares in the last quarter. Foundations Investment Advisors LLC grew its position in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after purchasing an additional 155 shares in the last quarter. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter worth approximately $27,000. Finally, Kingsview Wealth Management LLC grew its position in Reddit by 4.5% during the 4th quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company's stock worth $651,000 after purchasing an additional 171 shares in the last quarter.

Analysts Set New Price Targets

RDDT has been the topic of several research analyst reports. Guggenheim lowered their price objective on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Wells Fargo & Company set a $115.00 price target on shares of Reddit and gave the company an "equal weight" rating in a report on Monday, May 19th. Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a report on Friday, May 2nd. Piper Sandler restated an "overweight" rating and set a $150.00 price target (up from $140.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Loop Capital restated a "buy" rating and set a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $140.45.

Reddit Price Performance

Shares of RDDT stock traded up $3.75 on Tuesday, hitting $104.51. The company's stock had a trading volume of 6,920,835 shares, compared to its average volume of 6,073,926. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm's fifty day moving average price is $107.10 and its 200-day moving average price is $145.05. The stock has a market capitalization of $19.28 billion, a price-to-earnings ratio of -13.52, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last released 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. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the business earned ($8.19) EPS. Reddit's quarterly revenue was up 61.5% compared to the same quarter last year. Analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 92,299 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This represents a 44.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $160.30, for a total transaction of $2,244,200.00. Following the transaction, the chief executive officer now directly owns 597,515 shares of the company's stock, valued at $95,781,654.50. This represents a 2.29% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 782,139 shares of company stock valued at $93,843,152 in the last quarter.

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.