SLT Holdings LLC Makes New Investment in Reddit, Inc. (NYSE:RDDT)

SLT Holdings LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 5,320 shares of the company’s stock, valued at approximately $870,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC acquired a new position in shares of Reddit during the fourth quarter worth $494,861,000. Renaissance Capital LLC grew its stake in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in shares of Reddit by 666.7% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Chung Wu Investment Group LLC acquired a new position in shares of Reddit during the fourth quarter worth $327,000.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. This trade represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 393,386 shares of company stock valued at $66,673,388 over the last ninety days.

Reddit Stock Down 11.0 %

NYSE RDDT opened at $134.14 on Friday. The stock has a market capitalization of $24.27 billion and a P/E ratio of -17.35. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a 50-day moving average price of $181.61 and a 200 day moving average price of $130.99.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. On average, equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on RDDT. Roth Mkm downgraded shares of 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 note on Wednesday, January 22nd. Needham & Company LLC upped their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Piper Sandler upped their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Finally, Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus 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.