Polar Capital Holdings Plc Buys New Shares in Reddit, Inc. (NYSE:RDDT)

Polar Capital Holdings Plc acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 753,273 shares of the company’s stock, valued at approximately $123,115,000. Polar Capital Holdings Plc owned about 0.43% of Reddit as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Nuveen Asset Management LLC increased its stake in Reddit by 424.6% during the fourth quarter. Nuveen Asset Management LLC now owns 932,991 shares of the company’s stock worth $152,488,000 after acquiring an additional 755,152 shares during the last quarter. Ogborne Capital Management LLC acquired a new stake in shares of Reddit during the fourth quarter valued at about $11,539,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Reddit by 120.1% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 36,263 shares of the company’s stock worth $5,927,000 after acquiring an additional 19,790 shares during the last quarter. Moore Capital Management LP acquired a new position in shares of Reddit in the fourth quarter worth about $1,126,000. Finally, LMR Partners LLP acquired a new position in shares of Reddit in the fourth quarter worth about $1,578,000.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Oppenheimer initiated coverage on Reddit in a research report on Wednesday, April 16th. They issued an “outperform” rating and a $125.00 target price on the stock. Redburn Atlantic initiated coverage on shares of Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 price target for the company. JPMorgan Chase & Co. decreased their target price on Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Roth Mkm lifted their price target on shares of Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company raised their price target on Reddit from $158.00 to $168.00 and gave the stock an “overweight” rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $140.35.

Reddit Stock Performance

Reddit stock opened at $124.29 on Thursday. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The firm has a market capitalization of $22.48 billion, a price-to-earnings ratio of -16.08, a P/E/G ratio of 4.72 and a beta of 2.90. The company has a 50 day moving average price of $109.44 and a 200 day moving average price of $145.07.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Reddit’s revenue for the quarter was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($8.19) earnings per share. Equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. This represents a 2.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This represents a 19.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock valued at $95,789,365 over the last three months.

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.