Trexquant Investment LP Acquires 29,924 Shares of Reddit, Inc. (NYSE:RDDT)

Trexquant Investment LP raised its stake in shares of Reddit, Inc. (NYSE:RDDT) by 46.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 94,376 shares of the company’s stock after purchasing an additional 29,924 shares during the period. Trexquant Investment LP owned 0.05% of Reddit worth $15,425,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Elwood Capital Partners LP bought a new position in shares of Reddit during the fourth quarter worth about $4,086,000. Geode Capital Management LLC raised its holdings in Reddit by 25.8% during the 4th quarter. Geode Capital Management LLC now owns 1,036,883 shares of the company’s stock worth $169,557,000 after purchasing an additional 212,683 shares during the last quarter. National Bank of Canada FI acquired a new position in shares of Reddit in the 4th quarter worth approximately $83,000. Franklin Resources Inc. bought a new stake in shares of Reddit in the 4th quarter valued at $396,000. Finally, Alliancebernstein L.P. increased its position in shares of Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares during the period.

Insider Activity

In other news, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 589,794 shares of company stock valued at $87,940,784 over the last three months.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RDDT. Raymond James cut their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Citigroup restated an “outperform” rating on shares of Reddit in a research report on Friday. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. JMP Securities set a $155.00 price target on Reddit in a report on Friday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Reddit in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $163.00.

Reddit Price Performance

RDDT opened at $110.17 on Wednesday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a market capitalization of $19.93 billion and a price-to-earnings ratio of -14.25. The firm’s fifty day moving average price is $162.96 and its two-hundred day moving average price is $138.49.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

About Reddit

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.