Picton Mahoney Asset Management Acquires 24,487 Shares of Reddit Inc. $RDDT

Picton Mahoney Asset Management increased its holdings in Reddit Inc. (NYSE:RDDT) by 441.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 30,037 shares of the company’s stock after acquiring an additional 24,487 shares during the quarter. Picton Mahoney Asset Management’s holdings in Reddit were worth $6,908,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Raiffeisen Bank International AG bought a new position in Reddit in the 3rd quarter worth $25,000. Cornerstone Planning Group LLC increased its position 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 valued at $31,000 after buying an additional 135 shares during the period. Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period. GAMMA Investing LLC raised its stake in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares in the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in Reddit in the third quarter worth about $47,000.

Reddit Stock Up 1.0%

RDDT stock opened at $147.19 on Thursday. The business has a 50 day moving average of $190.89 and a 200 day moving average of $209.17. The firm has a market cap of $28.12 billion, a PE ratio of 56.18, a price-to-earnings-growth ratio of 1.06 and a beta of 2.40. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

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

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the completion of the sale, the chief operating officer directly owned 1,184,528 shares in the company, valued at approximately $277,617,827.36. This trade represents a 3.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 19,036 shares of Reddit stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 449,084 shares of company stock worth $93,738,449 over the last quarter. 34.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on RDDT shares. Oppenheimer reduced their target price on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. The Goldman Sachs Group dropped their price target on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. China Renaissance initiated coverage on Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price target on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. Finally, Guggenheim boosted their target price on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. One 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 stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $238.78.

About Reddit

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.