Cookson Peirce & Co. Inc. Invests $17.95 Million in Reddit Inc. (NYSE:RDDT)

Key Points

• Cookson Peirce & Co. Inc. invested approximately $17.95 million in Reddit Inc. by acquiring 171,063 shares in the first quarter.
• CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock, decreasing his ownership by 2.53% after the sale.
• Reddit reported a 77.9% increase in revenue year-over-year, with earnings per share of $0.45, significantly surpassing analyst estimates.

Cookson Peirce & Co. Inc. acquired a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 171,063 shares of the company's stock, valued at approximately $17,945,000. Cookson Peirce & Co. Inc. owned approximately 0.09% of Reddit at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ogborne Capital Management LLC acquired a new stake in shares of Reddit in the 4th quarter worth $11,539,000. Voloridge Investment Management LLC boosted its position in shares of Reddit by 46.3% in the 4th quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after purchasing an additional 304,773 shares in the last quarter. Renaissance Capital LLC boosted its position in shares of Reddit by 10.9% in the 1st quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after purchasing an additional 3,400 shares in the last quarter. Laurion Capital Management LP purchased a new position in Reddit in the 4th quarter worth $2,147,000. Finally, Penserra Capital Management LLC raised its stake in Reddit by 27.7% in the 1st quarter. Penserra Capital Management LLC now owns 34,248 shares of the company's stock worth $3,592,000 after acquiring an additional 7,439 shares during the last quarter.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $202.70, for a total transaction of $2,837,800.00. Following the completion of the sale, the chief executive officer directly owned 539,631 shares in the company, valued at approximately $109,383,203.70. The trade was a 2.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $145.58, for a total value of $2,329,280.00. Following the sale, the chief technology officer owned 241,373 shares of the company's stock, valued at approximately $35,139,081.34. This trade represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 385,901 shares of company stock valued at $49,577,413 in the last 90 days. Corporate insiders own 34.25% of the company's stock.

Reddit Stock Up 4.9%

Shares of Reddit stock opened at $234.99 on Thursday. Reddit Inc. has a twelve month low of $52.39 and a twelve month high of $237.35. The business has a 50-day moving average price of $153.89 and a 200 day moving average price of $140.65. The firm has a market cap of $43.98 billion, a PE ratio of 213.63, a P/E/G ratio of 3.55 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The firm had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. During the same quarter in the previous year, the business earned ($0.06) EPS. Reddit's revenue for the quarter was up 77.9% compared to the same quarter last year. On average, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. Roth Capital raised their target price on Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Sanford C. Bernstein raised their target price on Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 22nd. Royal Bank Of Canada set a $125.00 target price on Reddit and gave the stock a "sector perform" rating in a research note on Wednesday, June 25th. Piper Sandler raised their target price on Reddit from $150.00 to $210.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, Bank of America raised their target price on Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average target price of $168.43.

Reddit 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.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.