Portman Ltd Makes New $7.06 Million Investment in Reddit, Inc. (NYSE:RDDT)

Portman Ltd acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 107,059 shares of the company’s stock, valued at approximately $7,057,000. Reddit makes up approximately 17.6% of Portman Ltd’s holdings, making the stock its 2nd biggest position.

Other hedge funds also recently made changes to their positions in the company. Penserra Capital Management LLC raised its holdings in shares of Reddit by 63.1% during the 3rd quarter. Penserra Capital Management LLC now owns 48,945 shares of the company’s stock valued at $3,226,000 after buying an additional 18,932 shares in the last quarter. Kingsview Wealth Management LLC bought a new position in Reddit during the third quarter valued at approximately $251,000. Cerity Partners LLC bought a new position in Reddit during the third quarter valued at approximately $446,000. Meridian Wealth Management LLC raised its stake in shares of Reddit by 29.7% during the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock worth $3,009,000 after acquiring an additional 10,466 shares in the last quarter. Finally, GM Advisory Group LLC bought a new stake in shares of Reddit in the 3rd quarter worth approximately $255,000.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 6,714 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $59.84, for a total transaction of $401,765.76. Following the sale, the chief executive officer now directly owns 658,352 shares of the company’s stock, valued at approximately $39,395,783.68. The trade was a 1.01 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 306,520 shares of company stock valued at $27,251,297.

Reddit Stock Performance

NYSE:RDDT opened at $146.67 on Friday. The firm has a 50-day simple moving average of $92.06 and a two-hundred day simple moving average of $71.40. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $158.49.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, research analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent research reports. Bank of America increased their target price on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Loop Capital raised their price objective on Reddit from $80.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Cannonball Research began coverage on Reddit in a research note on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. Jefferies Financial Group raised their price target on Reddit from $90.00 to $100.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, JMP Securities lifted their price target on Reddit from $84.00 to $118.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $91.67.

About Reddit

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.