70,153 Shares in Reddit Inc. $RDDT Acquired by Deepwater Asset Management LLC

Deepwater Asset Management LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 70,153 shares of the company’s stock, valued at approximately $16,126,000. Reddit makes up 4.7% of Deepwater Asset Management LLC’s investment portfolio, making the stock its 3rd biggest position.

Several other large investors have also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC boosted its stake in Reddit by 26.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 4,892 shares of the company’s stock worth $1,125,000 after buying an additional 1,022 shares during the last quarter. CenterBook Partners LP acquired a new position in Reddit during the fourth quarter worth $1,039,000. Krane Funds Advisors LLC acquired a new position in Reddit during the fourth quarter worth $1,516,000. Capital World Investors acquired a new position in Reddit during the fourth quarter worth $1,293,258,000. Finally, Capital International Sarl acquired a new position in Reddit during the fourth quarter worth $10,651,000.

Reddit Price Performance

NYSE RDDT opened at $173.37 on Monday. The company has a market cap of $33.37 billion, a P/E ratio of 49.53 and a beta of 1.91. The stock has a 50-day moving average of $153.12 and a two-hundred day moving average of $177.29. Reddit Inc. has a 1-year low of $110.85 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.Reddit’s revenue was up 69.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 EPS. On average, analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a research note on Monday, April 27th. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Jefferies Financial Group decreased their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research note on Friday, May 8th. Finally, Wells Fargo & Company upped their price target on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. This represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 250,499 shares of company stock valued at $38,515,283 in the last quarter. Corporate insiders own 28.48% of the company’s stock.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.