Nepsis Inc. Takes $10.19 Million Position in Reddit, Inc. (NYSE:RDDT)

Nepsis Inc. purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 97,149 shares of the company's stock, valued at approximately $10,191,000. Reddit comprises 2.5% of Nepsis Inc.'s investment portfolio, making the stock its 21st largest position. Nepsis Inc. owned approximately 0.05% of Reddit at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter worth $28,000. Bogart Wealth LLC purchased a new position in Reddit during the fourth quarter worth $33,000. Farmers & Merchants Investments Inc. bought a new position in Reddit during the fourth quarter valued at $33,000. Finally, Spire Wealth Management bought a new position in Reddit during the fourth quarter valued at $35,000.

Reddit Stock Up 1.6%

Shares of NYSE RDDT traded up $1.85 during midday trading on Friday, reaching $118.05. 6,495,666 shares of the company's stock traded hands, compared to its average volume of 6,267,183. The company has a market cap of $21.78 billion, a price-to-earnings ratio of -15.27, a P/E/G ratio of 4.72 and a beta of 1.99. The stock's 50 day simple moving average is $108.87 and its 200-day simple moving average is $142.78. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter last year, the firm earned ($8.19) EPS. Equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $183,587,421.18. The trade was a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the sale, the chief technology officer now owns 281,213 shares of the company's stock, valued at approximately $34,892,909.04. This represents a 3.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 553,467 shares of company stock worth $60,888,391 over the last quarter. Insiders own 34.25% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on RDDT shares. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a research note on Friday, May 2nd. Citigroup raised their price objective on shares of Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Raymond James dropped their target price on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Robert W. Baird reduced their price target on Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. Finally, Redburn Atlantic assumed coverage on Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price target for the company. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average price target of $139.35.

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.