Anson Funds Management LP Makes New $3.03 Million Investment in Reddit Inc. $RDDT

Anson Funds Management LP bought a new position in Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 22,500 shares of the company's stock, valued at approximately $3,030,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. LOM Asset Management Ltd acquired a new position in Reddit during the 4th quarter valued at approximately $33,000. Sunbelt Securities Inc. increased its position in Reddit by 87.5% in the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company's stock worth $26,000 after buying an additional 91 shares during the period. Summit Securities Group LLC bought a new stake in Reddit in the fourth quarter valued at $46,000. Sound Income Strategies LLC bought a new stake in Reddit in the fourth quarter valued at $47,000. Finally, ORG Partners LLC lifted its stake in Reddit by 105.9% in the fourth quarter. ORG Partners LLC now owns 208 shares of the company's stock valued at $48,000 after buying an additional 107 shares during the last quarter.

Reddit Trading Down 0.3%

Shares of Reddit stock opened at $177.97 on Thursday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The stock has a market cap of $34.26 billion, a PE ratio of 50.85 and a beta of 1.93. The company's 50-day moving average price is $176.17 and its two-hundred day moving average price is $165.56.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the business posted $0.13 earnings per share. The firm's quarterly revenue was up 69.1% compared to the same quarter last year. On average, equities analysts predict that Reddit Inc. will post 4.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 39,166 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $64,718,417.82. The trade was a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 169,141 shares of company stock worth $28,680,845. Company insiders own 28.48% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on RDDT shares. Zacks Research raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday. UBS Group reissued a "mixed" rating on shares of Reddit in a research note on Thursday, July 9th. Cantor Fitzgerald restated a "neutral" rating and issued a $200.00 target price on shares of Reddit in a research report on Monday, July 20th. The Goldman Sachs Group restated a "neutral" rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Loop Capital reaffirmed a "buy" rating and set a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $232.23.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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