2,250 Shares in Reddit Inc. $RDDT Bought by Permanent Capital Management LP

Permanent Capital Management LP acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,250 shares of the company’s stock, valued at approximately $517,000.

A number of other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the last quarter. Financial Perspectives Inc bought a new stake in Reddit in the 2nd quarter worth about $34,000. Advisors Asset Management Inc. increased its stake in Reddit by 68.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter. Finally, Western Pacific Wealth Management LP bought a new position in shares of Reddit during the 2nd quarter worth approximately $60,000.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $98,812,321.28. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the sale, the chief operating officer directly owned 1,184,528 shares in the company, valued at $277,617,827.36. The trade was a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 465,333 shares of company stock valued at $97,164,104. Corporate insiders own 34.25% of the company’s stock.

Reddit Price Performance

Shares of RDDT opened at $226.03 on Monday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The stock’s fifty day moving average price is $211.36 and its two-hundred day moving average price is $200.13. The firm has a market cap of $42.83 billion, a PE ratio of 129.90, a PEG ratio of 2.49 and a beta of 2.17.

Reddit (NYSE:RDDT) last announced 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 analyst estimates of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS. Sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a report on Sunday, December 14th. JPMorgan Chase & Co. boosted their price objective on Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. B. Riley restated a “buy” rating and issued a $245.00 price objective (up previously from $235.00) on shares of Reddit in a research note on Friday, October 31st. Truist Financial set a $270.00 target price on Reddit in a research report on Friday, October 31st. Finally, Sanford C. Bernstein boosted their price target on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a report on Friday, October 31st. 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 given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $230.28.

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.