Polianta Ltd Purchases Shares of 9,500 Reddit, Inc. (NYSE:RDDT)

Polianta Ltd bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 9,500 shares of the company's stock, valued at approximately $996,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the 4th quarter valued at $28,000. Bogart Wealth LLC acquired a new stake in shares of Reddit in the 4th quarter valued at $33,000. Allworth Financial LP boosted its holdings in Reddit by 970.0% in the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares in the last quarter. Finally, Kestra Investment Management LLC acquired a new position in Reddit during the fourth quarter worth $38,000.

Reddit Price Performance

Shares of RDDT traded up $1.85 on Friday, reaching $118.05. 6,495,666 shares of the stock traded hands, compared to its average volume of 6,267,183. The stock's 50-day moving average price is $108.28 and its 200-day moving average price is $142.90. The firm 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. 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 posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping 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 firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the company earned ($8.19) earnings per share. The business's revenue was up 61.5% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $183,587,421.18. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total value of $269,761.65. Following the completion of the sale, the chief accounting officer now owns 42,277 shares in the company, valued at approximately $4,179,081.45. This represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 553,467 shares of company stock worth $60,888,391. Corporate insiders own 34.25% of the company's stock.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent analyst reports. Needham & Company LLC raised their price objective on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Wells Fargo & Company set a $115.00 price target on shares of Reddit and gave the company an "equal weight" rating in a research report on Monday, May 19th. Roth Capital restated a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday, March 17th. Finally, Loop Capital dropped their target price on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company 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.