Reddit Inc. $RDDT Shares Purchased by CastleKnight Management LP

CastleKnight Management LP boosted its holdings in Reddit Inc. (NYSE:RDDT) by 101.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,700 shares of the company’s stock after buying an additional 7,900 shares during the quarter. CastleKnight Management LP’s holdings in Reddit were worth $3,609,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Huntington National Bank grew its position in Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after buying an additional 55 shares during the last quarter. Institute for Wealth Management LLC. grew its position in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after buying an additional 62 shares during the last quarter. Roxbury Financial LLC grew its position in Reddit by 7.4% in the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after buying an additional 64 shares during the last quarter. Florida Financial Advisors LLC grew its position in Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after buying an additional 68 shares during the last quarter. Finally, IFP Advisors Inc grew its position in Reddit by 9.9% in the third quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after buying an additional 72 shares during the last quarter.

Reddit Stock Down 5.4%

Reddit stock opened at $165.98 on Thursday. The company’s fifty day simple moving average is $159.63 and its 200-day simple moving average is $175.98. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock has a market cap of $31.95 billion, a P/E ratio of 47.42 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the company posted $0.13 EPS. Reddit’s revenue was up 69.1% on a year-over-year basis. On average, equities research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. The trade was a 28.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the transaction, the chief executive officer owned 373,814 shares in the company, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 211,334 shares of company stock worth $33,715,773 in the last ninety days. Corporate insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on RDDT. The Goldman Sachs Group restated a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Piper Sandler reiterated an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. DA Davidson reiterated a “buy” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Finally, Loop Capital reiterated a “buy” rating and set a $260.00 price objective on shares of Reddit in a research report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

About Reddit

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.