Steadview Capital Management LLC Purchases Shares of 41,750 Reddit Inc. (NYSE:RDDT)

Steadview Capital Management LLC purchased a new position in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,750 shares of the company's stock, valued at approximately $4,380,000. Reddit accounts for about 1.0% of Steadview Capital Management LLC's investment portfolio, making the stock its 10th largest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the fourth quarter worth $28,000. Tucker Asset Management LLC bought a new position in shares of Reddit during the fourth quarter valued at $39,000. Farther Finance Advisors LLC lifted its holdings in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Reddit during the fourth quarter valued at $49,000. Finally, Chelsea Counsel Co. bought a new position in shares of Reddit during the fourth quarter valued at $49,000.

Reddit Stock Up 2.0%

RDDT traded up $2.89 during midday trading on Friday, reaching $145.89. The company had a trading volume of 3,611,798 shares, compared to its average volume of 6,699,449. The business has a 50-day moving average of $124.42 and a two-hundred day moving average of $140.72. The company has a market cap of $26.92 billion, a P/E ratio of 247.28, a P/E/G ratio of 3.67 and a beta of 2.33. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results 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. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same quarter last year, the business posted ($8.19) earnings per share. The firm's revenue was up 61.5% on a year-over-year basis. On average, equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity

In related news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the sale, the chief operating officer owned 1,428,007 shares in the company, valued at approximately $177,715,471.15. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total value of $527,240.00. Following the sale, the chief accounting officer owned 37,868 shares of the company's stock, valued at $5,704,435.52. This represents a 8.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 617,285 shares of company stock valued at $69,599,110 in the last three months. 34.25% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research analyst reports. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. The Goldman Sachs Group upped their price target on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Needham & Company LLC upped their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a "sector perform" rating in a report on Wednesday, June 25th. Finally, Roth Mkm increased their target price on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.04.

Reddit Company 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.