Numerai GP LLC Purchases New Holdings in Reddit Inc. $RDDT

Numerai GP LLC purchased a new stake in Reddit Inc. (NYSE:RDDT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,421 shares of the company’s stock, valued at approximately $3,547,000.

Other institutional investors have also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new position in shares of Reddit in the third quarter valued at $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit in the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC increased its stake in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the period.

Reddit Stock Up 5.7%

Shares of Reddit stock opened at $139.91 on Tuesday. The stock has a market capitalization of $26.73 billion, a price-to-earnings ratio of 53.40, a price-to-earnings-growth ratio of 0.96 and a beta of 2.41. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The company has a 50-day simple moving average of $175.52 and a two-hundred day simple moving average of $204.27.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s revenue was up 69.7% on a year-over-year basis. During the same quarter last year, the business earned $0.36 earnings per share. On average, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 9,500 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the completion of the transaction, the chief technology officer directly owned 183,057 shares in the company, valued at $24,996,433.35. The trade was a 4.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 30,777 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $143.42, for a total transaction of $4,414,037.34. Following the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $156,105,642.42. This represents a 2.75% 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 360,330 shares of company stock worth $73,006,663 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on RDDT. Cantor Fitzgerald cut their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Truist Financial upped their price objective on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Morgan Stanley set a $240.00 price objective on Reddit in a research report on Friday, February 6th. UBS Group set a $265.00 target price on Reddit in a research note on Tuesday, January 13th. Finally, The Goldman Sachs Group decreased their target price on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $242.19.

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.