Pinpoint Asset Management Singapore Pte. Ltd. Invests $4.12 Million in Reddit Inc. $RDDT

Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 17,922 shares of the company’s stock, valued at approximately $4,122,000. Reddit accounts for 0.8% of Pinpoint Asset Management Singapore Pte. Ltd.’s holdings, making the stock its 22nd biggest position.

Several other hedge funds have also added to or reduced their stakes in RDDT. NewEdge Advisors LLC grew its holdings in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after buying an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Reddit during the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares during the period. Focus Partners Wealth boosted its position in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter.

Insider Transactions at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the sale, the insider directly owned 62,608 shares of the company’s stock, valued at $13,849,515.68. The trade was a 46.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sarah E. Farrell purchased 43,800 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were acquired at an average cost of $149.52 per share, with a total value of $6,548,976.00. Following the purchase, the director directly owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. The trade was a ? increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 435,084 shares of company stock valued at $90,462,589. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RDDT shares. B. Riley Financial raised their price target on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Roth Mkm boosted their price objective on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. China Renaissance started coverage on shares of Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price on the stock. Cantor Fitzgerald lowered their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Finally, Argus set a $300.00 price target on Reddit in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

Reddit Stock Down 3.2%

Reddit stock opened at $139.65 on Monday. The stock has a market cap of $26.68 billion, a PE ratio of 53.30, a P/E/G ratio of 1.01 and a beta of 2.41. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business’s 50-day moving average price is $187.51 and its two-hundred day moving average price is $207.79.

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

Reddit Company 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.