Delta Global Management LP Trims Stock Position in Reddit Inc. $RDDT

Delta Global Management LP trimmed its stake in Reddit Inc. (NYSE:RDDT) by 55.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 13,631 shares of the company’s stock after selling 17,272 shares during the period. Delta Global Management LP’s holdings in Reddit were worth $3,135,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Destination Wealth Management acquired a new position in Reddit in the third quarter valued at $230,000. EFG Asset Management Americas Corp. increased its position in shares of Reddit by 3.6% during the third quarter. EFG Asset Management Americas Corp. now owns 14,803 shares of the company’s stock worth $3,405,000 after purchasing an additional 511 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in shares of Reddit during the third quarter worth about $11,746,000. CSM Advisors LLC purchased a new stake in shares of Reddit in the 3rd quarter valued at about $1,137,000. Finally, Capital Impact Advisors LLC purchased a new stake in shares of Reddit in the 3rd quarter valued at about $16,827,000.

Reddit Trading Down 0.0%

Shares of RDDT stock opened at $132.21 on Monday. The business’s 50 day moving average is $177.60 and its two-hundred day moving average is $204.88. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The company has a market capitalization of $25.26 billion, a P/E ratio of 50.46, a price-to-earnings-growth ratio of 0.96 and a beta of 2.41.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $665.80 million. During the same quarter 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. As a group, equities analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RDDT has been the topic of a number of research reports. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Piper Sandler reiterated an “overweight” rating and issued a $205.00 price objective (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Guggenheim increased their price objective on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. Finally, Roth Mkm lifted their target price on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. One investment 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $236.00.

Insider Buying and Selling

In other news, Director Sarah E. Farrell bought 43,800 shares of Reddit stock in a transaction dated Tuesday, February 10th. The stock was bought at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the purchase, the director owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 19,036 shares of Reddit stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the sale, the chief technology officer directly owned 185,057 shares in the company, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 415,335 shares of company stock worth $85,174,319 in the last ninety days. Insiders own 34.25% of the company’s stock.

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.