Picton Mahoney Asset Management Buys 24,487 Shares of Reddit Inc. $RDDT

Picton Mahoney Asset Management raised its stake in shares of Reddit Inc. (NYSE:RDDT) by 441.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,037 shares of the company’s stock after purchasing an additional 24,487 shares during the quarter. Picton Mahoney Asset Management’s holdings in Reddit were worth $6,908,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raiffeisen Bank International AG purchased a new stake in shares of Reddit during the 3rd quarter valued at $25,000. Cornerstone Planning Group LLC increased its stake in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the last quarter. GAMMA Investing LLC raised its position in Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Reddit during the third quarter valued at about $47,000. Finally, Covestor Ltd lifted its stake in Reddit by 138.5% during the third quarter. Covestor Ltd now owns 217 shares of the company’s stock worth $50,000 after purchasing an additional 126 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Friday, February 6th. Piper Sandler restated an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. Oppenheimer cut their target price on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Morgan Stanley set a $240.00 price target on shares of Reddit in a research note on Friday, February 6th. Finally, Roth Mkm boosted their price objective on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 8,466 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $143.37, for a total value of $1,213,770.42. Following the sale, the chief operating officer directly owned 41,658 shares of the company’s stock, valued at $5,972,507.46. This trade represents a 16.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares in the company, valued at approximately $26,657,460.85. This represents a 9.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 449,084 shares of company stock worth $93,738,449 over the last ninety days. 34.25% of the stock is owned by company insiders.

Reddit Price Performance

RDDT opened at $147.19 on Thursday. The stock’s 50 day simple moving average is $190.89 and its 200 day simple moving average is $209.17. The firm has a market cap of $28.12 billion, a price-to-earnings ratio of 56.18, a PEG ratio of 1.06 and a beta of 2.40. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The business’s quarterly revenue was up 69.7% compared to the same quarter last year. As a group, sell-side analysts anticipate 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.