Numerai GP LLC Acquires New Shares in Reddit Inc. $RDDT

Numerai GP LLC bought a new stake in Reddit Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,421 shares of the company’s stock, valued at approximately $3,547,000.

Other institutional investors have also recently bought and sold shares of the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the 3rd quarter valued at approximately $25,000. GW&K Investment Management LLC acquired a new position in Reddit during the 3rd quarter worth approximately $30,000. Cornerstone Planning Group LLC lifted its stake in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RDDT shares. Morgan Stanley set a $240.00 price target on shares of Reddit in a report on Friday, February 6th. Roth Mkm raised their price objective on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. UBS Group set a $265.00 price objective on Reddit in a research report on Tuesday, January 13th. JPMorgan Chase & Co. lowered their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Trading Up 5.7%

Shares of RDDT stock opened at $139.91 on Tuesday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The stock has a market cap of $26.73 billion, a price-to-earnings ratio of 53.40, a PEG ratio of 0.96 and a beta of 2.41. The stock has a 50-day moving average of $175.52 and a 200-day moving average of $204.27.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm’s quarterly revenue was up 69.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In other news, Director Sarah E. Farrell bought 43,800 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was acquired at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the completion of the purchase, the director directly owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the transaction, the chief technology officer owned 185,057 shares in the company, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 360,330 shares of company stock worth $73,006,663. Company insiders own 34.25% of the company’s stock.

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.