Plato Investment Management Ltd Takes Position in Reddit, Inc. (NYSE:RDDT)

Plato Investment Management Ltd purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 166 shares of the company’s stock, valued at approximately $27,000.

Other hedge funds also recently made changes to their positions in the company. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit during the fourth quarter valued at approximately $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $33,000. Spire Wealth Management bought a new stake in shares of Reddit during the fourth quarter valued at approximately $35,000. Finally, Allworth Financial LP raised its holdings in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock valued at $35,000 after buying an additional 194 shares during the last quarter.

Reddit Stock Performance

NYSE RDDT opened at $168.39 on Thursday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The stock has a market cap of $30.46 billion and a price-to-earnings ratio of -21.78. The firm’s 50 day moving average price is $182.91 and its two-hundred day moving average price is $129.76.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Porter Gale sold 20,000 shares of the business’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This represents a 43.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 289,122 shares of company stock worth $50,266,730.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RDDT. Morgan Stanley lifted their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Needham & Company LLC boosted their target price on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. JMP Securities boosted their target price on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Finally, The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.