EPIQ Capital Group LLC Makes New $26.66 Million Investment in Reddit, Inc. (NYSE:RDDT)

EPIQ Capital Group LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 163,106 shares of the company’s stock, valued at approximately $26,658,000. Reddit makes up approximately 7.0% of EPIQ Capital Group LLC’s investment portfolio, making the stock its 4th largest holding. EPIQ Capital Group LLC owned about 0.09% of Reddit as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ridgewood Investments LLC lifted its holdings in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after acquiring an additional 150 shares during the last quarter. Foundations Investment Advisors LLC boosted its position in shares of Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in Reddit during the fourth quarter valued at $27,000.

Insider Activity at Reddit

In other Reddit news, 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 value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 393,386 shares of company stock worth $66,673,388.

Reddit Trading Down 11.0 %

NYSE RDDT opened at $134.14 on Monday. The stock has a market cap of $24.27 billion and a PE ratio of -17.35. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company’s 50-day moving average price is $181.61 and its 200-day moving average price is $131.51.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on RDDT. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Citigroup restated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. The Goldman Sachs Group upped their price objective on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Finally, Piper Sandler raised their target price on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

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.