Kornitzer Capital Management Inc. KS Invests $490,000 in Reddit, Inc. (NYSE:RDDT)

Kornitzer Capital Management Inc. KS bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,000 shares of the company’s stock, valued at approximately $490,000.

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its holdings in shares of Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $494,861,000. Point72 Asset Management L.P. increased its holdings 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 purchasing an additional 2,225,895 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its holdings in shares of Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RDDT shares. Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and raised their target price for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Wells Fargo & Company raised their target price on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Piper Sandler restated an “overweight” rating and set a $210.00 target price (up from $197.00) on shares of Reddit in a report on Thursday, February 13th. Finally, Robert W. Baird raised their target price on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Stock Performance

RDDT opened at $189.76 on Thursday. The company’s 50 day simple moving average is $184.02 and its 200 day simple moving average is $122.04. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The stock has a market capitalization of $33.32 billion and a PE ratio of -24.55.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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 expect that Reddit, Inc. will post 0.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 212,024 shares of company stock valued at $35,086,431.

Reddit 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.