AWH Capital L.P. Purchases New Holdings in Reddit Inc. $RDDT

AWH Capital L.P. acquired a new position in shares of Reddit Inc. (NYSE:RDDT) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 30,500 shares of the company’s stock, valued at approximately $4,592,000. Reddit accounts for approximately 5.4% of AWH Capital L.P.’s portfolio, making the stock its 9th largest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas raised its position in shares of Reddit by 880.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after buying an additional 85,020 shares in the last quarter. Petrus Trust Company LTA bought a new position in Reddit in the first quarter valued at approximately $473,000. Greycroft LP increased its stake in Reddit by 109.1% in the first quarter. Greycroft LP now owns 11,500 shares of the company’s stock valued at $1,206,000 after acquiring an additional 6,000 shares during the last quarter. Think Investments LP raised its position in Reddit by 10.3% during the first quarter. Think Investments LP now owns 268,000 shares of the company’s stock valued at $28,113,000 after purchasing an additional 25,000 shares in the last quarter. Finally, Sender Co & Partners Inc. bought a new stake in Reddit during the first quarter worth $1,367,000.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at approximately $228,282,236.16. This represents a 5.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the transaction, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. The trade was a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 405,619 shares of company stock worth $85,742,898 in the last quarter. Company insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RDDT. Bank of America lifted their price target on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Cannonball Research reiterated a “buy” rating on shares of Reddit in a research report on Tuesday, September 23rd. JMP Securities reissued a “market outperform” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, October 3rd. Raymond James Financial restated a “strong-buy” rating and issued a $250.00 price target (up from $225.00) on shares of Reddit in a research note on Monday, October 20th. Finally, Piper Sandler reissued an “overweight” rating on shares of Reddit in a research note on Monday, December 1st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $230.28.

Reddit Trading Down 3.9%

Shares of RDDT stock opened at $224.38 on Friday. The stock has a 50-day moving average of $206.31 and a 200-day moving average of $191.00. The stock has a market cap of $42.52 billion, a price-to-earnings ratio of 128.95, a PEG ratio of 2.58 and a beta of 2.17. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 earnings per share. Sell-side analysts forecast 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.