Peregrine Investment Management Inc. Invests $9.48 Million in Reddit, Inc. (NYSE:RDDT)

Peregrine Investment Management Inc. bought a new position in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 58,000 shares of the company’s stock, valued at approximately $9,480,000. Reddit makes up 5.5% of Peregrine Investment Management Inc.’s portfolio, making the stock its 5th biggest holding.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Truist Financial Corp bought a new stake in Reddit during the 2nd quarter worth about $266,000. Raymond James & Associates grew its stake in shares of Reddit by 60.3% during the third quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock valued at $4,507,000 after purchasing an additional 25,733 shares during the last quarter. TB Alternative Assets Ltd. acquired a new stake in shares of Reddit in the third quarter valued at approximately $2,003,000. Whittier Trust Co. bought a new position in Reddit in the 3rd quarter worth approximately $42,000. Finally, Foundations Investment Advisors LLC acquired a new position in Reddit during the 3rd quarter worth $341,000.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 245,357 shares of company stock worth $39,357,388.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent research reports. Morgan Stanley boosted their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. JPMorgan Chase & Co. raised their target price on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday. B. Riley boosted their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Loop Capital raised their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Trading Down 4.2 %

Shares of RDDT opened at $196.37 on Friday. The stock has a 50 day simple moving average of $182.33 and a 200 day simple moving average of $119.28. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.45 earnings per share for the current fiscal year.

Reddit Company 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.