Armistice Capital LLC Buys 26,000 Shares of Reddit Inc. $RDDT

Armistice Capital LLC lifted its stake in Reddit Inc. (NYSE:RDDT) by 51.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 76,600 shares of the company’s stock after buying an additional 26,000 shares during the period. Armistice Capital LLC’s holdings in Reddit were worth $17,608,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG acquired a new position in Reddit in the third quarter worth about $25,000. GW&K Investment Management LLC acquired a new position in Reddit in the third quarter worth about $30,000. LOM Asset Management Ltd acquired a new position in Reddit in the fourth quarter worth about $33,000. Noble Wealth Management PBC acquired a new position in Reddit in the fourth quarter worth about $34,000. Finally, Geneos Wealth Management Inc. raised its position in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter.

Reddit Trading Down 5.4%

Shares of Reddit stock opened at $165.98 on Thursday. The stock has a market capitalization of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The firm’s 50-day moving average price is $159.63 and its two-hundred day moving average price is $175.98.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 earnings per share. As a group, equities research analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Loop Capital reissued a “buy” rating and issued a $260.00 price target on shares of Reddit in a research report on Thursday, June 4th. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Bank of America dropped their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Oppenheimer reissued an “outperform” rating and issued a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Finally, Wells Fargo & Company increased their price target on shares of Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research report 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 company presently has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 company’s stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 211,334 shares of company stock valued at $33,715,773. 28.48% of the stock is currently owned by insiders.

Reddit Company 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.