Kornitzer Capital Management Inc. KS Takes $490,000 Position in Reddit, Inc. (NYSE:RDDT)

Kornitzer Capital Management Inc. KS acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel.com reports. The fund acquired 3,000 shares of the company’s stock, valued at approximately $490,000.

A number of other hedge funds also recently made changes to their positions in RDDT. FMR LLC raised its stake in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Point72 Asset Management L.P. raised its stake in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP raised its stake in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC raised its stake in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research analyst reports. Citigroup lifted their price target on shares of Reddit from $200.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Needham & Company LLC lifted their price target on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Jefferies Financial Group lifted their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company lifted their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. One 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Insider Activity

In related news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares of the company’s stock, valued at $20,214,850.06. The trade was a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 212,024 shares of company stock valued at $35,086,431.

Reddit Stock Performance

Shares of RDDT opened at $189.76 on Thursday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a market cap of $33.32 billion and a price-to-earnings ratio of -24.55. The firm has a fifty day moving average of $184.02 and a 200-day moving average of $122.04.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. Analysts predict that Reddit, Inc. will post 0.96 EPS for the current year.

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.