CenterBook Partners LP Makes New $1.04 Million Investment in Reddit Inc. $RDDT

CenterBook Partners LP bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel.com reports. The fund bought 4,521 shares of the company’s stock, valued at approximately $1,039,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG acquired a new position in Reddit during the 3rd quarter worth approximately $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit in the 3rd quarter worth approximately $30,000. LOM Asset Management Ltd acquired a new stake in shares of Reddit in the 4th quarter worth approximately $33,000. Noble Wealth Management PBC acquired a new stake in shares of Reddit in the 4th quarter worth approximately $34,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares during the period.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This represents a 28.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,499 shares of company stock valued at $38,515,283 in the last quarter. 28.48% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research reports. The Goldman Sachs Group restated a “neutral” rating and issued a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Rothschild & Co Redburn set a $110.00 price target on Reddit in a report on Monday, April 27th. Jefferies Financial Group lowered their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $172.54 on Thursday. The business’s fifty day moving average price is $156.09 and its two-hundred day moving average price is $177.06. The stock has a market cap of $33.22 billion, a PE ratio of 49.30 and a beta of 1.91. Reddit Inc. has a one year low of $110.85 and a one year high of $282.95.

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

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.