Y Intercept Hong Kong Ltd Acquires Shares of 13,062 Reddit Inc. $RDDT

Y Intercept Hong Kong Ltd bought a new stake in shares of Reddit Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 13,062 shares of the company’s stock, valued at approximately $3,004,000.

A number of other hedge funds have also recently made changes to their positions in RDDT. Resona Asset Management Co. Ltd. lifted its position in Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares in the last quarter. Teacher Retirement System of Texas grew its stake in shares of Reddit by 880.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after acquiring an additional 85,020 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Reddit in the 2nd quarter worth approximately $2,078,000. J. Safra Sarasin Holding AG purchased a new position in Reddit during the second quarter valued at approximately $226,000. Finally, Plato Investment Management Ltd increased its stake in shares of Reddit by 120.2% in the second quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock worth $446,000 after purchasing an additional 1,621 shares in the last quarter.

Reddit Stock Performance

Shares of Reddit stock opened at $202.29 on Tuesday. The stock has a market cap of $38.33 billion, a price-to-earnings ratio of 122.96, a price-to-earnings-growth ratio of 1.49 and a beta of 2.17. The stock has a 50 day moving average price of $225.99 and a 200-day moving average price of $213.97. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same period last year, the company earned $0.16 earnings per share. Reddit’s revenue was up 67.9% on a year-over-year basis. Sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at approximately $228,282,236.16. This represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares of the company’s stock, valued at $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 523,511 shares of company stock worth $114,370,884 over the last three months. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RDDT. JPMorgan Chase & Co. increased their target price on Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Guggenheim reaffirmed a “buy” rating and set a $245.00 price objective on shares of Reddit in a report on Friday. Argus set a $300.00 price objective on shares of Reddit in a research report on Friday, January 9th. Royal Bank Of Canada restated a “sector perform” rating on shares of Reddit in a research report on Wednesday, October 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price of $245.18.

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.