Brevan Howard Capital Management LP Makes New Investment in Reddit Inc. $RDDT

Brevan Howard Capital Management LP acquired a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 51,073 shares of the company’s stock, valued at approximately $11,746,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CSM Advisors LLC bought a new stake in Reddit in the 3rd quarter valued at $1,137,000. Capital Impact Advisors LLC acquired a new position in Reddit in the 3rd quarter worth $16,827,000. Capula Management Ltd bought a new position in Reddit during the 3rd quarter worth about $2,890,000. Circle Wealth Management LLC acquired a new stake in shares of Reddit in the 3rd quarter valued at about $1,601,000. Finally, California Public Employees Retirement System acquired a new stake in shares of Reddit in the 3rd quarter valued at about $46,426,000.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RDDT shares. Cantor Fitzgerald reduced their price objective on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Evercore reissued an “outperform” rating and issued a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. JPMorgan Chase & Co. cut their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Guggenheim upped their price target on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $236.00.

Reddit Stock Performance

Reddit stock opened at $132.21 on Friday. The stock has a 50-day simple moving average of $177.60 and a 200 day simple moving average of $204.92. The stock has a market capitalization of $25.26 billion, a P/E ratio of 50.46, a PEG ratio of 0.96 and a beta of 2.40. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

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

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 30,777 shares of Reddit stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $143.42, for a total transaction of $4,414,037.34. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $156,105,642.42. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 9,500 shares of the company’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $136.55, for a total transaction of $1,297,225.00. Following the completion of the transaction, the chief technology officer owned 183,057 shares in the company, valued at approximately $24,996,433.35. This represents a 4.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 433,335 shares of company stock worth $89,139,359 in the last quarter. Company insiders own 34.25% of the company’s stock.

Reddit Profile

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.