Brevan Howard Capital Management LP Purchases New Position in Reddit Inc. $RDDT

Brevan Howard Capital Management LP purchased a new stake in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, HoldingsChannel.com reports. The fund purchased 51,073 shares of the company’s stock, valued at approximately $11,746,000.

Several other hedge funds have also recently bought and sold shares of the stock. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the third quarter worth approximately $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit during the third quarter worth approximately $30,000. Cornerstone Planning Group LLC increased its stake in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the last quarter.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent research reports. China Renaissance started coverage on Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price target for the company. Argus set a $300.00 target price on Reddit in a report on Friday, January 9th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. Guggenheim raised their price target on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group dropped their price objective on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $236.00.

Reddit Trading Down 0.0%

Shares of NYSE:RDDT opened at $132.21 on Friday. The firm has a 50 day moving average of $177.60 and a 200-day moving average of $204.92. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The stock has a market capitalization of $25.26 billion, a PE ratio of 50.46, a PEG ratio of 0.96 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue for the quarter was up 69.7% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. On average, research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 30,777 shares of the firm’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total value of $4,414,037.34. Following the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $156,105,642.42. This trade represents a 2.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, February 27th. The shares were sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares in the company, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 433,335 shares of company stock valued at $89,139,359. Corporate insiders own 34.25% of the company’s stock.

Reddit Profile

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.