Arrowpoint Investment Partners Singapore Pte. Ltd. Acquires Shares of 11,953 Reddit, Inc. (NYSE:RDDT)

Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,953 shares of the company's stock, valued at approximately $1,954,000. Reddit makes up approximately 0.4% of Arrowpoint Investment Partners Singapore Pte. Ltd.'s portfolio, making the stock its 20th biggest holding.

A number of other institutional investors have also recently modified their holdings of the stock. FMR LLC lifted its position in Reddit by 7.5% in the 4th 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 in the last quarter. Vanguard Group Inc. increased its holdings in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit in the fourth quarter worth $494,861,000. Alliancebernstein L.P. lifted its holdings in shares of 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 in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in shares of Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after purchasing an additional 211,636 shares in the last quarter.

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the transaction, the director now directly owns 26,309 shares of the company's stock, valued at approximately $4,464,900.39. This represents a 43.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit 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 completion of the sale, the chief accounting officer now directly owns 48,418 shares in the company, 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. Over the last ninety days, insiders sold 835,678 shares of company stock valued at $104,986,901.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RDDT. Bank of America lowered their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. The Goldman Sachs Group upped their price objective on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Needham & Company LLC increased their target price on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday, May 2nd. JMP Securities reissued a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Finally, B. Riley restated a "buy" rating and set a $220.00 price target (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.36.

Reddit Trading Down 2.4%

Shares of RDDT opened at $105.45 on Wednesday. The business's 50 day moving average is $108.63 and its 200 day moving average is $145.59. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market capitalization of $19.46 billion, a PE ratio of -13.64, 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 analysts' consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company's revenue was up 61.5% on a year-over-year basis. During the same period last year, the firm posted ($8.19) EPS. Equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.

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