Soros Capital Management LLC Invests $10.30 Million in Reddit, Inc. (NYSE:RDDT)

Soros Capital Management LLC acquired a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 63,020 shares of the company's stock, valued at approximately $10,300,000. Reddit accounts for 1.6% of Soros Capital Management LLC's portfolio, making the stock its 23rd largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter valued at about $33,000.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Bank of America lowered their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Raymond James lowered their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Roth Mkm downgraded shares of Reddit from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Loop Capital restated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Oppenheimer assumed coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $142.22.

Reddit Stock Performance

Reddit stock traded up $6.10 during mid-day trading on Friday, reaching $118.35. 8,681,578 shares of the company were exchanged, compared to its average volume of 5,593,336. The firm has a market cap of $21.41 billion and a PE ratio of -15.31. The firm's 50-day simple moving average is $122.11 and its two-hundred day simple moving average is $141.65. Reddit, Inc. has a twelve month low of $42.65 and a twelve month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. This trade represents 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 worth $97,067,425 over the last ninety days.

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.