IPG Investment Advisors LLC Acquires New Position in Reddit, Inc. (NYSE:RDDT)

IPG Investment Advisors LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,544 shares of the company’s stock, valued at approximately $252,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RDDT. Vanguard Group Inc. grew its holdings in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new position in Reddit during the fourth quarter worth about $494,861,000. Holocene Advisors LP increased its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Brooklyn FI LLC acquired a new position in shares of Reddit in the 4th quarter worth approximately $303,082,000.

Reddit Stock Down 2.4 %

RDDT stock opened at $107.57 on Monday. The stock has a market cap of $19.46 billion and a price-to-earnings ratio of -13.92. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The business has a 50 day moving average price of $165.95 and a 200 day moving average price of $137.81.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. This trade represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 603,794 shares of company stock valued at $90,255,404.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. B. Riley lifted their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Robert W. Baird raised their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Raymond James cut their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Finally, Redburn Atlantic initiated coverage on shares of Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $165.71.

Reddit Company Profile

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.