Fullerton Fund Management Co Ltd. Invests $7.42 Million in Reddit, Inc. (NYSE:RDDT)

Fullerton Fund Management Co Ltd. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 45,388 shares of the company’s stock, valued at approximately $7,418,000.

A number of other institutional investors also recently bought and sold shares of RDDT. Watts Gwilliam & Co. LLC bought a new stake in Reddit during the fourth quarter valued at approximately $337,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Westmount Partners LLC bought a new stake in shares of Reddit during the 4th quarter valued at $391,000. Sivia Capital Partners LLC raised its holdings in Reddit by 277.6% in the 4th quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company’s stock worth $30,167,000 after purchasing an additional 135,700 shares during the period. Finally, AdvisorNet Financial Inc raised its holdings in Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after purchasing an additional 201 shares during the period.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $115,370,905.32. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $95,789,365 in the last 90 days.

Reddit Trading Up 0.5 %

Shares of RDDT stock opened at $108.35 on Friday. The stock has a fifty day simple moving average of $111.54 and a two-hundred day simple moving average of $144.30. The stock has a market capitalization of $19.60 billion, a price-to-earnings ratio of -14.02, a P/E/G ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the business earned ($8.19) earnings per share. Reddit’s revenue was up 61.5% on a year-over-year basis. Research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RDDT shares. JPMorgan Chase & Co. reduced their price target on Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. B. Riley restated a “buy” rating and set a $220.00 target price (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Guggenheim reduced their price objective on shares of Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. 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. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $140.35.

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.