Kilter Group LLC Invests $928,000 in Reddit, Inc. (NYSE:RDDT)

Kilter Group LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 5,679 shares of the company's stock, valued at approximately $928,000. Reddit accounts for approximately 0.6% of Kilter Group LLC's investment portfolio, making the stock its 21st biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in RDDT. Janney Montgomery Scott LLC lifted its position in shares of Reddit by 31.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company's stock worth $1,436,000 after acquiring an additional 2,096 shares during the period. Blue Trust Inc. bought a new stake in shares of Reddit in the 4th quarter worth approximately $59,000. Apexium Financial LP bought a new stake in shares of Reddit in the 4th quarter worth approximately $213,000. KBC Group NV bought a new stake in shares of Reddit in the 4th quarter worth approximately $391,000. Finally, Foundations Investment Advisors LLC lifted its position in shares of Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after acquiring an additional 155 shares during the period.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer now owns 251,373 shares in the company, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 100,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the transaction, the chief financial officer now directly owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 782,139 shares of company stock worth $93,843,152 in the last three months.

Reddit Stock Up 3.5%

NYSE:RDDT traded up $3.66 during mid-day trading on Thursday, reaching $109.09. 10,684,883 shares of the company were exchanged, compared to its average volume of 6,118,903. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The company has a fifty day moving average of $106.82 and a 200 day moving average of $144.50. The stock has a market cap of $20.13 billion, a PE ratio of -14.11, a PEG 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 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The firm 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 period last year, the company earned ($8.19) EPS. On average, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

RDDT has been the subject of a number of research reports. Redburn Atlantic initiated coverage on Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Wells Fargo & Company set a $115.00 target price on Reddit and gave the stock an "equal weight" rating in a report on Monday, May 19th. Finally, Oppenheimer assumed coverage on Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $140.45.

About Reddit

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.