Gotham Asset Management LLC Invests $407,000 in Reddit, Inc. (NYSE:RDDT)

Gotham Asset Management LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,490 shares of the company's stock, valued at approximately $407,000.

Other hedge funds have also made changes to their positions in the company. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC bought a new position in Reddit during the fourth quarter worth $28,000. Farmers & Merchants Investments Inc. bought a new position in Reddit during the fourth quarter worth $33,000. Bogart Wealth LLC bought a new position in Reddit during the fourth quarter worth $33,000. Finally, Allworth Financial LP lifted its stake in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares during the last quarter.

Reddit Price Performance

Shares of NYSE RDDT traded up $2.71 during midday trading on Friday, reaching $101.03. 6,742,771 shares of the company traded hands, compared to its average volume of 6,070,430. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The stock has a 50-day moving average price of $107.27 and a 200 day moving average price of $145.29. The company has a market cap of $18.64 billion, a price-to-earnings ratio of -13.07, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the business earned ($8.19) earnings per share. The company's revenue was up 61.5% on a year-over-year basis. As a group, analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, Director David C. Habiger purchased 774 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the sale, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This trade represents a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 851,261 shares of company stock worth $105,096,214 over the last ninety days.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Loop Capital restated a "buy" rating and set a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Roth Capital restated a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Roth Mkm raised their price objective on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. B. Riley restated a "buy" rating and set a $220.00 price objective (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Sanford C. Bernstein upgraded Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective on the stock in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Reddit presently has an average rating of "Moderate Buy" and a consensus target price of $140.45.

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.