Palestra Capital Management LLC Invests $59.27 Million in Reddit, Inc. (NYSE:RDDT)

Palestra Capital Management LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel.com reports. The fund bought 362,644 shares of the company’s stock, valued at approximately $59,271,000. Reddit accounts for approximately 1.6% of Palestra Capital Management LLC’s holdings, making the stock its 24th largest position.

Several other hedge funds have also bought and sold shares of the stock. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after acquiring an additional 120 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. UMB Bank n.a. raised its position in shares of Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after acquiring an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its stake in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares during the period.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,068 shares of the firm’s stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $111.28, for a total transaction of $563,967.04. Following the completion of the transaction, the chief technology officer now owns 20,184 shares in the company, valued at $2,246,075.52. This trade represents a 20.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 725,270 shares of company stock worth $97,067,425.

Reddit Trading Down 4.4 %

Shares of NYSE:RDDT opened at $116.72 on Thursday. Reddit, Inc. has a 12-month low of $44.60 and a 12-month high of $230.41. The company has a market cap of $21.12 billion and a PE ratio of -15.10. The stock has a 50 day moving average of $118.69 and a 200 day moving average of $142.66.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RDDT shares. Guggenheim decreased their target price on shares of Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Loop Capital reiterated a “buy” rating and set a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Reddit in a report on Friday, March 21st. Finally, Bank of America lowered their target price on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $142.22.

Reddit Company 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.