Maytus Capital Management LLC Invests $5.52 Million in Reddit Inc. $RDDT

Maytus Capital Management LLC purchased a new position in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 24,000 shares of the company’s stock, valued at approximately $5,517,000.

Several other institutional investors and hedge funds also recently modified their holdings of RDDT. NewEdge Advisors LLC grew its stake in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Reddit in the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth grew its stake in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter.

Reddit Stock Down 3.4%

NYSE:RDDT opened at $175.66 on Wednesday. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The firm has a market capitalization of $33.82 billion, a price-to-earnings ratio of 50.19 and a beta of 1.91. The stock has a fifty day simple moving average of $159.09 and a 200 day simple moving average of $176.27.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating 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 business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same quarter last year, the company posted $0.13 EPS. Reddit’s revenue for the quarter was up 69.1% on a year-over-year basis. Equities analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at $65,092,231.82. This trade represents a 4.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 193,334 shares of company stock worth $30,507,093 in the last quarter. 28.48% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on RDDT shares. Citizens Jmp decreased their price target on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. Cantor Fitzgerald increased their price target on Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Piper Sandler reissued an “overweight” rating and issued a $215.00 price target (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Jefferies Financial Group decreased their target price on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Loop Capital reaffirmed a “buy” rating and set a $260.00 target price on shares of Reddit in a research note on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s 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.