Concentric Capital Strategies LP Has $5.21 Million Stock Position in Reddit Inc. $RDDT

Concentric Capital Strategies LP cut its holdings in Reddit Inc. (NYSE:RDDT) by 61.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,657 shares of the company’s stock after selling 36,211 shares during the period. Concentric Capital Strategies LP’s holdings in Reddit were worth $5,208,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in RDDT. Clough Capital Partners L P grew its position in Reddit by 382.9% in the fourth quarter. Clough Capital Partners L P now owns 16,563 shares of the company’s stock valued at $3,807,000 after purchasing an additional 13,133 shares in the last quarter. Bamco Inc. NY bought a new stake in Reddit during the 4th quarter worth about $182,000. Boothbay Fund Management LLC boosted its stake in shares of Reddit by 11.5% during the 4th quarter. Boothbay Fund Management LLC now owns 2,605 shares of the company’s stock worth $599,000 after buying an additional 268 shares during the last quarter. Armistice Capital LLC grew its holdings in shares of Reddit by 51.4% in the 4th quarter. Armistice Capital LLC now owns 76,600 shares of the company’s stock valued at $17,608,000 after acquiring an additional 26,000 shares in the last quarter. Finally, Freestone Grove Partners LP bought a new position in shares of Reddit in the 4th quarter valued at about $24,181,000.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RDDT. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Piper Sandler reaffirmed an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Citizens Jmp cut their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a report on Friday, May 1st. Citigroup reissued a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Finally, DA Davidson restated a “buy” rating and set a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Reddit Stock Down 5.4%

RDDT opened at $165.98 on Thursday. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95. The business has a 50 day moving average of $159.63 and a 200-day moving average of $175.98. The stock has a market cap of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted 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 for the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the prior year, the business earned $0.13 EPS. The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. As a group, analysts expect that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% 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. In the last 90 days, insiders sold 211,334 shares of company stock worth $33,715,773. 28.48% of the stock is owned by insiders.

Reddit 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.