Kinetic Partners Management LP Makes New $48.09 Million Investment in Reddit Inc. $RDDT

Kinetic Partners Management LP acquired a new stake in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 209,100 shares of the company’s stock, valued at approximately $48,091,000. Reddit comprises approximately 2.3% of Kinetic Partners Management LP’s investment portfolio, making the stock its 19th largest position.

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

Insider Activity

In other Reddit news, insider Benjamin Seong Lee sold 27,930 shares of Reddit stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $260.08, for a total value of $7,264,034.40. Following the completion of the transaction, the insider directly owned 62,608 shares of the company’s stock, valued at $16,283,088.64. The trade was a 30.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 19,036 shares of the company’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 360,330 shares of company stock worth $73,006,663. 34.25% of the stock is currently owned by insiders.

Reddit Trading Up 5.7%

Shares of RDDT opened at $139.91 on Tuesday. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The firm’s 50 day moving average is $175.52 and its 200-day moving average is $204.27. The stock has a market capitalization of $26.73 billion, a PE ratio of 53.40, a P/E/G ratio of 0.96 and a beta of 2.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s quarterly revenue was up 69.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. Equities research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RDDT. Roth Mkm boosted their price objective on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. UBS Group set a $265.00 target price on Reddit in a research note on Tuesday, January 13th. Evercore reissued an “outperform” rating and set a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Morgan Stanley set a $240.00 price target on Reddit in a research note on Friday, February 6th. Finally, Oppenheimer decreased their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of $242.19.

About Reddit

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.