Gotham Asset Management LLC Buys Shares of 2,490 Reddit, Inc. (NYSE:RDDT)

Gotham Asset Management LLC bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,490 shares of the company's stock, valued at approximately $407,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RDDT. Park Avenue Securities LLC acquired a new position in Reddit in the 4th quarter valued at about $993,000. Grove Bank & Trust acquired a new position in Reddit in the 4th quarter valued at about $384,000. LVW Advisors LLC acquired a new position in Reddit in the 4th quarter valued at about $327,000. UMB Bank n.a. boosted its holdings in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in Reddit in the 4th quarter valued at about $147,000.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This represents a 19.82% 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, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 599,295 shares of the company's stock, valued at $97,565,226. This trade represents a 7.43% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 802,345 shares of company stock valued at $101,207,606.

Analyst Ratings Changes

RDDT has been the topic of a number of research analyst reports. Redburn Partners set a $75.00 price target on shares of Reddit in a research note on Monday, March 17th. Raymond James reduced their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Oppenheimer initiated coverage on shares of Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target on the stock. Morgan Stanley reduced their price target on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, The Goldman Sachs Group boosted their price target on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.36.

Reddit Trading Down 4.6%

Shares of RDDT stock opened at $108.04 on Tuesday. The firm has a fifty day moving average price of $108.94 and a 200 day moving average price of $145.87. The company has a market cap of $19.94 billion, a P/E ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analyst estimates 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 company posted ($8.19) earnings per share. On average, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

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.

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