Gotham Asset Management LLC Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Gotham Asset Management LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,490 shares of the company’s stock, valued at approximately $407,000.

A number of other hedge funds have also recently added to or reduced their stakes in RDDT. Park Avenue Securities LLC acquired a new stake in Reddit in the fourth quarter valued at about $993,000. Grove Bank & Trust acquired a new stake in Reddit in the fourth quarter valued at about $384,000. LVW Advisors LLC acquired a new stake in Reddit in the fourth quarter valued at about $327,000. UMB Bank n.a. lifted its position in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the period. Finally, Harbor Investment Advisory LLC acquired a new stake in Reddit in the fourth quarter valued at about $147,000.

Reddit Stock Performance

RDDT stock opened at $108.04 on Tuesday. The stock has a market capitalization of $19.94 billion, a P/E ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The company has a 50 day moving average price of $108.94 and a two-hundred day moving average price of $145.87.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the previous year, the company earned ($8.19) EPS. The business’s quarterly revenue was up 61.5% compared to the same quarter last year. Research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David C. Habiger acquired 774 shares of the stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. This trade represents a 7.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 802,345 shares of company stock valued at $101,207,606 in the last ninety days.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RDDT shares. B. Riley reissued a “buy” rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $115.00 price objective (down from $168.00) on shares of Reddit in a research note on Monday. Bank of America dropped their price objective on Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Loop Capital reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $141.36.

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.