Voleon Capital Management LP Purchases New Position in Reddit, Inc. (NYSE:RDDT)

Voleon Capital Management LP purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 78,795 shares of the company's stock, valued at approximately $12,878,000. Reddit makes up about 1.0% of Voleon Capital Management LP's portfolio, making the stock its 14th biggest holding.

Several other institutional investors have also modified their holdings of the business. Jennison Associates LLC acquired a new stake in Reddit during the fourth quarter worth about $494,861,000. Renaissance Capital LLC raised its position in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings 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 worth $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. boosted its position in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after purchasing an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC bought a new position in Reddit during the 4th quarter worth $327,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of research analyst reports. Raymond James lowered their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. Oppenheimer started coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price target on the stock. Redburn Partners set a $75.00 price objective on shares of Reddit in a report on Monday, March 17th. Redburn Atlantic assumed coverage on Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 price target for the company. Finally, Citigroup boosted their price objective on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average price target of $142.30.

Insider Activity

In related news, CFO Andrew Vollero sold 100,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. The trade was a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $115,370,905.32. 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 711,270 shares of company stock worth $94,239,985 over the last 90 days.

Reddit Price Performance

Shares of Reddit stock traded down $5.78 on Friday, hitting $113.01. 29,544,738 shares of the company's stock traded hands, compared to its average volume of 5,807,051. The company has a market capitalization of $20.44 billion, a price-to-earnings ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. Reddit, Inc. has a one year low of $46.24 and a one year high of $230.41. The company has a fifty day moving average of $116.82 and a two-hundred day moving average of $143.22.

Reddit (NYSE:RDDT - Get Free Report) last announced 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 business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the company earned ($8.19) earnings per share. The company's quarterly revenue was up 61.5% on a year-over-year basis. Equities research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.