Entropy Technologies LP Acquires Shares of 7,607 Reddit Inc. $RDDT

Entropy Technologies LP bought a new stake in Reddit Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel reports. The institutional investor bought 7,607 shares of the company’s stock, valued at approximately $1,749,000.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares during the period. Capital World Investors acquired a new position in shares of Reddit in the 4th quarter valued at about $1,293,258,000. State Street Corp increased its holdings in shares of Reddit by 6.0% in the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after purchasing an additional 149,401 shares during the period. Geode Capital Management LLC increased its holdings in shares of Reddit by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after purchasing an additional 106,821 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Reddit by 11.4% in the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares during the period.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible 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 stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 232,499 shares of company stock worth $36,123,803. Insiders own 28.48% of the company’s stock.

Reddit Stock Performance

NYSE:RDDT opened at $181.83 on Tuesday. The stock’s 50 day moving average price is $158.30 and its 200 day moving average price is $176.49. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a market capitalization of $35.00 billion, a P/E ratio of 51.95 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 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 firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the company posted $0.13 earnings per share. The firm’s revenue was up 69.1% on a year-over-year basis. As a group, sell-side analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company upped their target price on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, May 1st. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Bank of America dropped their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

Reddit Company 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.