Two Sigma Advisers LP Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Two Sigma Advisers LP purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 687,100 shares of the company's stock, valued at approximately $112,300,000. Two Sigma Advisers LP owned approximately 0.39% of Reddit as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of RDDT. Plato Investment Management Ltd purchased a new position in Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the fourth quarter worth $28,000. Farmers & Merchants Investments Inc. purchased a new stake in Reddit in the fourth quarter worth $33,000. Bogart Wealth LLC purchased a new stake in Reddit in the fourth quarter worth $33,000. Finally, 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 acquiring an additional 194 shares in the last quarter.

Insider Buying and Selling at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of the company's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David C. Habiger bought 774 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the transaction, the director now owns 30,808 shares in the company, valued at approximately $4,016,130.88. This represents a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 851,261 shares of company stock worth $105,096,214 over the last quarter.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Needham & Company LLC upped their price objective on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Roth Mkm upped their price target on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Bank of America reduced their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Finally, Morgan Stanley cut their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $140.45.

Reddit Price Performance

RDDT stock traded up $2.71 during midday trading on Friday, hitting $101.03. The stock had a trading volume of 6,742,771 shares, compared to its average volume of 6,054,228. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company's 50-day moving average price is $107.27 and its 200 day moving average price is $145.03. The firm has a market cap of $18.64 billion, a PE ratio of -13.07, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating 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 business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the business posted ($8.19) EPS. The business's quarterly revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current 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.