Symmetry Investments LP Raises Holdings in Reddit, Inc. (NYSE:RDDT)

Symmetry Investments LP increased its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 73.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,500 shares of the company's stock after purchasing an additional 10,400 shares during the quarter. Symmetry Investments LP's holdings in Reddit were worth $4,004,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RDDT. Jennison Associates LLC acquired a new stake in shares of Reddit during the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its holdings in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. boosted its stake in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC acquired a new position in Reddit during the fourth quarter worth about $327,000.

Analysts Set New Price Targets

Several brokerages recently commented on RDDT. Needham & Company LLC reissued a "buy" rating and issued a $220.00 price objective on shares of Reddit in a research note on Friday, March 21st. Loop Capital reiterated a "buy" rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. JPMorgan Chase & Co. cut their price objective on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Truist Financial initiated coverage on Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Finally, The Goldman Sachs Group cut their price target on Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and an average target price of $142.22.

Insider Activity at Reddit

In other Reddit news, 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 value of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at approximately $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 725,270 shares of company stock valued at $97,067,425.

Reddit Price Performance

Shares of NYSE:RDDT traded up $2.84 during trading on Monday, reaching $120.94. 4,309,973 shares of the stock were exchanged, compared to its average volume of 5,600,103. Reddit, Inc. has a 1-year low of $44.15 and a 1-year high of $230.41. The stock has a fifty day moving average of $122.11 and a two-hundred day moving average of $142.64. The firm has a market cap of $21.88 billion and a price-to-earnings ratio of -15.63.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. Sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

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.