3,940 Shares in Reddit Inc. (NYSE:RDDT) Acquired by Syquant Capital Sas

Syquant Capital Sas purchased a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 3,940 shares of the company's stock, valued at approximately $413,000. Reddit comprises 0.3% of Syquant Capital Sas' holdings, making the stock its 13th largest holding.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. FMR LLC raised its stake in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. increased its holdings in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. raised its position in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Lord Abbett & CO. LLC raised its position in Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after acquiring an additional 211,636 shares in the last quarter. Finally, Brooklyn FI LLC acquired a new stake in Reddit in the fourth quarter valued at $303,082,000.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. 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. Wall Street Zen upgraded Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Guggenheim reissued a "buy" rating and set a $165.00 price target on shares of Reddit in a research report on Tuesday. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research report on Friday, May 2nd. Finally, Raymond James Financial reduced their target price on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $139.57.

Reddit Stock Performance

Shares of RDDT stock traded down $0.74 on Friday, hitting $143.21. The company's stock had a trading volume of 17,682,969 shares, compared to its average volume of 6,567,720. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The company has a market capitalization of $26.42 billion, a PE ratio of 242.73, a PEG ratio of 3.70 and a beta of 1.99. The stock's 50 day moving average is $116.69 and its 200-day moving average is $141.95.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 6,854 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.42, for a total transaction of $674,570.68. Following the completion of the sale, the insider now directly owns 99,277 shares in the company, valued at approximately $9,770,842.34. This represents a 6.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer now owns 333,806 shares in the company, valued at $39,268,937.84. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 617,285 shares of company stock worth $68,926,130. Company insiders own 34.25% of the company's stock.

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.