Shikiar Asset Management Inc. Takes $368,000 Position in Reddit, Inc. (NYSE:RDDT)

Shikiar Asset Management Inc. purchased a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,250 shares of the company’s stock, valued at approximately $368,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. bought a new stake in Reddit in the third quarter valued at $474,403,000. Holocene Advisors LP raised its stake in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. lifted its holdings in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC boosted its stake in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares in the last quarter.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RDDT. Raymond James increased their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research report on Thursday, October 10th. Needham & Company LLC raised their price objective on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Roth Mkm boosted their target price on Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Citigroup increased their price target on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Finally, Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $200.00 in a research report on Monday, December 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $148.25.

Reddit Price Performance

RDDT opened at $175.57 on Friday. The firm has a 50 day simple moving average of $157.24 and a 200 day simple moving average of $99.68. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $187.69.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. Analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares in the company, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the transaction, the chief operating officer now owns 1,542,457 shares in the company, valued at approximately $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 231,023 shares of company stock worth $34,118,355.

Reddit Company 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.