CenterBook Partners LP Buys New Stake in Reddit Inc. $RDDT

CenterBook Partners LP purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 4,521 shares of the company’s stock, valued at approximately $1,039,000.

Several other large investors also recently bought and sold shares of the stock. Raiffeisen Bank International AG acquired a new stake in shares of Reddit during the third quarter worth about $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit in the 3rd quarter valued at about $30,000. LOM Asset Management Ltd acquired a new stake in shares of Reddit in the 4th quarter valued at about $33,000. Noble Wealth Management PBC purchased a new position in Reddit during the 4th quarter worth approximately $34,000. Finally, Geneos Wealth Management Inc. grew its stake in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter.

Reddit Trading Down 3.1%

NYSE:RDDT opened at $172.54 on Thursday. Reddit Inc. has a 12-month low of $110.85 and a 12-month high of $282.95. The stock’s 50 day simple moving average is $156.09 and its 200-day simple moving average is $177.06. The firm has a market cap of $33.22 billion, a P/E ratio of 49.30 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. Reddit’s quarterly revenue was up 69.1% on a year-over-year basis. During the same period last year, the firm posted $0.13 EPS. Research analysts forecast that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through 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 firm’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $172,541,252.52. The trade was 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 a total of 250,499 shares of company stock valued at $38,515,283 over the last quarter. Corporate insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Bank of America reduced their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a report on Monday, April 27th. Jefferies Financial Group reduced their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $230.75.

About Reddit

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.