Katamaran Capital LLP Acquires New Holdings in Reddit, Inc. (NYSE:RDDT)

Katamaran Capital LLP bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,596 shares of the company’s stock, valued at approximately $424,000. Reddit comprises 0.5% of Katamaran Capital LLP’s portfolio, making the stock its 29th largest holding.

Several other institutional investors and hedge funds also recently modified their holdings of RDDT. Cerity Partners LLC purchased a new stake in shares of Reddit in the third quarter valued at $446,000. The Manufacturers Life Insurance Company purchased a new position in Reddit in the 3rd quarter valued at about $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Reddit in the 3rd quarter valued at about $349,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Reddit during the 3rd quarter worth about $2,724,000. Finally, HighTower Advisors LLC grew its holdings in shares of Reddit by 154.0% during the third quarter. HighTower Advisors LLC now owns 11,699 shares of the company’s stock worth $770,000 after buying an additional 7,094 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RDDT. Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 target price on the stock. Guggenheim decreased their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird raised their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group upped their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $163.00.

Reddit Price Performance

Shares of NYSE RDDT opened at $86.72 on Friday. 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 $15.69 billion and a price-to-earnings ratio of -11.22. The business has a 50-day moving average of $157.86 and a 200-day moving average of $138.19.

Reddit (NYSE:RDDT) last issued 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%. Research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $106,161,139.26. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 603,794 shares of company stock valued at $89,386,704.

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.