Scientech Research LLC Invests $1.52 Million in Reddit, Inc. (NYSE:RDDT)

Scientech Research LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,292 shares of the company's stock, valued at approximately $1,519,000. Reddit accounts for 0.4% of Scientech Research LLC's holdings, making the stock its 25th largest holding.

Several other large investors have also bought and sold shares of RDDT. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in shares of Reddit in the 4th quarter valued at about $494,861,000. Alliancebernstein L.P. raised its stake in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC acquired a new stake in Reddit in the 4th quarter worth about $303,082,000. Finally, GQG Partners LLC acquired a new stake in Reddit in the 4th quarter worth about $271,539,000.

Reddit Stock Down 2.4%

Shares of RDDT stock traded down $2.54 on Tuesday, reaching $105.45. The company's stock had a trading volume of 7,140,540 shares, compared to its average volume of 5,960,353. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market capitalization of $19.46 billion, a P/E ratio of -13.64, a PEG ratio of 4.72 and a beta of 2.90. The stock'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 issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the company posted ($8.19) earnings per share. The company's revenue was up 61.5% compared to the same quarter last year. Research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In related news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Porter Gale sold 20,000 shares of the company's stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at $4,464,900.39. This trade represents a 43.19% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 802,345 shares of company stock worth $101,207,606.

Wall Street Analyst Weigh In

RDDT has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. B. Riley reiterated a "buy" rating and issued a $220.00 price target (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Bank of America cut their target price on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Oppenheimer started coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. Finally, Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective for the company in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $141.36.

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.