Y Intercept Hong Kong Ltd Buys Shares of 13,062 Reddit Inc. $RDDT

Y Intercept Hong Kong Ltd acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 13,062 shares of the company’s stock, valued at approximately $3,004,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. Resona Asset Management Co. Ltd. grew its stake in Reddit by 0.3% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after purchasing an additional 65 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in shares of Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares during the period. Kingswood Wealth Advisors LLC boosted its position in Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock valued at $331,000 after buying an additional 69 shares during the last quarter. Bienville Capital Management LLC increased its holdings in Reddit by 0.5% in the 2nd quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock worth $2,432,000 after buying an additional 76 shares during the period. Finally, Platinum Investment Management Ltd. raised its position in Reddit by 4.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock worth $350,000 after buying an additional 95 shares during the last quarter.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 14,000 shares of Reddit stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $212.61, for a total value of $2,976,540.00. Following the sale, the chief technology officer directly owned 167,694 shares of the company’s stock, valued at $35,653,421.34. The trade was a 7.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 27,159 shares of the stock in a transaction on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $6,130,601.07. Following the completion of the transaction, the chief operating officer directly owned 1,157,369 shares of the company’s stock, valued at approximately $261,252,904.37. This represents a 2.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 523,511 shares of company stock worth $114,370,884 in the last quarter. 34.25% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent research reports. Sanford C. Bernstein upped their price objective on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. Jefferies Financial Group upped their price target on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a report on Thursday, December 11th. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price objective on shares of Reddit in a research note on Monday, December 29th. Guggenheim restated a “buy” rating and issued a $245.00 target price on shares of Reddit in a research note on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating on shares of Reddit in a report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $245.18.

Reddit Trading Down 7.6%

Shares of RDDT opened at $202.29 on Tuesday. The firm has a market cap of $38.33 billion, a P/E ratio of 122.96, a PEG ratio of 1.49 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The stock’s 50 day moving average is $225.99 and its two-hundred day moving average is $213.97.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The firm had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business’s revenue was up 67.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS. Equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.