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

Tidal Investments LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 14,612 shares of the company's stock, valued at approximately $2,388,000.

Several other hedge funds and other institutional investors have also modified their holdings of RDDT. Proficio Capital Partners LLC lifted its position in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after purchasing an additional 120 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. lifted its position in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after purchasing an additional 150 shares during the last quarter. Foundations Investment Advisors LLC lifted its position in Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after purchasing an additional 155 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new stake in Reddit in the 4th quarter valued at about $27,000.

Insider Activity

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

Analyst Ratings Changes

RDDT has been the topic of a number of recent analyst reports. Robert W. Baird dropped their price target on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 21st. Guggenheim dropped their price target on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. 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. Truist Financial initiated coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. Finally, Oppenheimer initiated coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.45.

Reddit Stock Up 3.3%

Shares of RDDT stock traded up $3.35 on Tuesday, reaching $104.11. The company had a trading volume of 5,037,629 shares, compared to its average volume of 6,067,724. The stock has a market capitalization of $19.21 billion, a PE ratio of -13.45, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The business's 50-day moving average is $107.10 and its 200 day moving average is $145.05.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data 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. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the prior year, the firm posted ($8.19) earnings per share. The firm's revenue was up 61.5% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.