Corps Capital Advisors LLC Invests $730,000 in Reddit Inc. $RDDT

Corps Capital Advisors LLC acquired a new position in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,175 shares of the company’s stock, valued at approximately $730,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RDDT. NewEdge Advisors LLC raised its stake in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Reddit during the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after acquiring an additional 111,780 shares during the period. Focus Partners Wealth lifted its holdings in Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares during the period.

Reddit Price Performance

NYSE:RDDT opened at $162.11 on Friday. The business has a fifty day simple moving average of $157.38 and a two-hundred day simple moving average of $176.88. Reddit Inc. has a 1 year low of $112.30 and a 1 year high of $282.95. The company has a market capitalization of $31.21 billion, a P/E ratio of 46.32 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period last year, the business posted $0.13 earnings per share. The business’s revenue for the quarter was up 69.1% on a year-over-year basis. As a group, analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 232,499 shares of company stock valued at $36,123,803 over the last ninety days. 28.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RDDT. Bank of America dropped their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price target on shares of Reddit in a report on Friday, May 1st. DA Davidson reiterated a “buy” rating and set a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Finally, Jefferies Financial Group dropped their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

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.