Jacobs Levy Equity Management Inc. Takes Position in Reddit, Inc. (NYSE:RDDT)

Jacobs Levy Equity Management Inc. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,260 shares of the company's stock, valued at approximately $1,677,000.

Several other hedge funds also recently modified their holdings of RDDT. Janus Henderson Group PLC lifted its stake in shares of Reddit by 137.0% in the fourth quarter. Janus Henderson Group PLC now owns 25,600 shares of the company's stock worth $4,191,000 after acquiring an additional 14,800 shares during the period. Jefferies Financial Group Inc. acquired a new stake in Reddit during the 4th quarter worth about $917,000. Gotham Asset Management LLC acquired a new position in shares of Reddit in the 4th quarter valued at about $407,000. Focus Partners Wealth bought a new stake in shares of Reddit during the 4th quarter valued at about $1,186,000. Finally, Fullerton Fund Management Co Ltd. acquired a new stake in Reddit during the fourth quarter worth approximately $7,418,000.

Reddit Trading Down 2.4%

Shares of Reddit stock traded down $2.54 on Tuesday, hitting $105.45. 7,140,540 shares of the company traded hands, compared to its average volume of 5,960,339. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market cap of $19.46 billion, a P/E ratio of -13.64, a P/E/G ratio of 4.72 and a beta of 2.90. The firm's 50-day simple moving average is $108.94 and its 200 day simple moving average is $145.87.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Reddit's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period last year, the firm posted ($8.19) EPS. Analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at approximately $74,316,470.40. This represents a 17.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger bought 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the acquisition, the director now owns 30,808 shares of the company's stock, valued at $4,016,130.88. This trade represents a 2.58% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 802,345 shares of company stock worth $101,207,606.

Analyst Ratings Changes

RDDT has been the topic of several research analyst reports. Raymond James cut their target price on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. B. Riley reaffirmed a "buy" rating and set a $220.00 price target (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $150.00 price objective (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Guggenheim lowered their target price on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. Finally, Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $141.36.

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.