753,273 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Polar Capital Holdings Plc

Polar Capital Holdings Plc acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 753,273 shares of the company's stock, valued at approximately $123,115,000. Polar Capital Holdings Plc owned about 0.43% of Reddit at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new stake in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter worth about $28,000. Farmers & Merchants Investments Inc. purchased a new stake in Reddit during the 4th quarter worth about $33,000. Bogart Wealth LLC purchased a new stake in Reddit during the 4th quarter worth about $33,000. Finally, Allworth Financial LP increased its position in Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares in the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total value of $2,628,920.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $115,370,905.32. The trade was a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $95,789,365 in the last three months.

Reddit Stock Down 0.2%

Shares of RDDT traded down $0.24 during trading on Friday, reaching $113.35. The company's stock had a trading volume of 8,328,996 shares, compared to its average volume of 5,937,313. The company has a fifty day moving average of $109.40 and a two-hundred day moving average of $145.72. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The company has a market cap of $20.92 billion, a price-to-earnings ratio of -14.66, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results 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 negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the company posted ($8.19) EPS. Reddit's quarterly revenue was up 61.5% on a year-over-year basis. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JMP Securities reiterated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research report on Friday, May 2nd. Guggenheim dropped their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Raymond James lowered their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Finally, Sanford C. Bernstein upgraded Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target for the company in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $140.35.

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.