2,050 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Conway Capital Management Inc.

Conway Capital Management Inc. bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,050 shares of the company’s stock, valued at approximately $335,000.

Several other hedge funds have also made changes to their positions in RDDT. Hsbc Holdings PLC purchased a new stake in Reddit during the second quarter worth $203,000. Marshall Wace LLP boosted its position in Reddit by 117.2% during the second quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after purchasing an additional 457,588 shares in the last quarter. Maverick Capital Ltd. grew its stake in Reddit by 147.4% in the second quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock valued at $47,416,000 after purchasing an additional 442,145 shares during the last quarter. Scientech Research LLC raised its holdings in Reddit by 120.0% in the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock worth $1,242,000 after purchasing an additional 10,601 shares in the last quarter. Finally, Truist Financial Corp purchased a new stake in shares of Reddit during the second quarter valued at about $266,000.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. This represents a 2.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock valued at $39,528,738 in the last ninety days.

Reddit Stock Performance

Shares of RDDT opened at $181.55 on Friday. The stock’s 50-day moving average price is $161.24 and its 200-day moving average price is $102.91. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $191.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% compared to the same quarter last year. Research analysts predict that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wells Fargo & Company assumed coverage on shares of Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. B. Riley increased their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Loop Capital raised their price objective on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $158.20.

Reddit Profile

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.