Tidal Investments LLC Invests $2.39 Million in Reddit, Inc. (NYSE:RDDT)

Tidal Investments LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 14,612 shares of the company's stock, valued at approximately $2,388,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the fourth quarter worth approximately $28,000. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the fourth quarter worth approximately $33,000. Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter worth approximately $33,000. Finally, Allworth Financial LP grew its position 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 buying an additional 194 shares during the last quarter.

Reddit Stock Performance

Shares of NYSE RDDT traded down $0.39 during mid-day trading on Wednesday, reaching $104.23. The company had a trading volume of 1,772,324 shares, compared to its average volume of 6,057,185. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a market capitalization of $19.23 billion, a PE ratio of -13.47, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The stock's 50 day moving average is $107.02 and its 200-day moving average is $144.77.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate 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 period in the prior year, the business posted ($8.19) earnings per share. The business's quarterly revenue was up 61.5% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

RDDT has been the topic of several recent research reports. Sanford C. Bernstein upgraded shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a research report on Friday, May 2nd. Loop Capital restated a "buy" rating and issued a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. Citigroup lifted their price target on shares of Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Roth Mkm lifted their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Roth Capital reiterated a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $140.45.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. The trade was a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $160.30, for a total value of $2,244,200.00. Following the completion of the transaction, the chief executive officer now owns 597,515 shares in the company, valued at $95,781,654.50. The trade was a 2.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 782,139 shares of company stock worth $93,843,152 over the last three months.

Reddit 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.