Lido Advisors LLC Invests $1.33 Million in Reddit Inc. $RDDT

Lido Advisors LLC bought a new position in Reddit Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,804 shares of the company’s stock, valued at approximately $1,334,000.

Other hedge funds have also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in shares of Reddit in the third quarter worth $25,000. GW&K Investment Management LLC purchased a new position in shares of Reddit in the third quarter worth $30,000. LOM Asset Management Ltd purchased a new position in shares of Reddit in the fourth quarter worth $33,000. Noble Wealth Management PBC purchased a new position in shares of Reddit in the fourth quarter worth $34,000. Finally, Sound Income Strategies LLC purchased a new position in shares of Reddit in the fourth quarter worth $47,000.

Reddit Stock Up 4.4%

RDDT stock opened at $178.62 on Wednesday. Reddit Inc. has a twelve month low of $110.85 and a twelve month high of $282.95. The stock has a market capitalization of $34.39 billion, a price-to-earnings ratio of 51.03 and a beta of 1.91. The firm’s fifty day simple moving average is $155.13 and its two-hundred day simple moving average is $177.12.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the business posted $0.13 earnings per share. The business’s revenue was up 69.1% compared to the same quarter last year. As a group, equities research analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. 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 Tuesday, March 31st. The shares were sold at an average price of $132.77, for a total transaction of $2,389,860.00. Following the transaction, the chief executive officer owned 411,195 shares in the company, valued at $54,594,360.15. This trade represents a 4.19% decrease in their position. 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 250,499 shares of company stock worth $38,515,283 over the last quarter. Insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

RDDT has been the topic of several research reports. Oppenheimer restated an “outperform” rating and issued a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Needham & Company LLC restated a “buy” rating and issued a $300.00 price target on shares of Reddit in a research report on Friday, May 1st. Bank of America reduced their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Citizens Jmp reduced their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Finally, Citigroup restated a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $230.75.

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.