Lecap Asset Management Ltd. Buys 3,147 Shares of Reddit Inc. $RDDT

Lecap Asset Management Ltd. grew its stake in shares of Reddit Inc. (NYSE:RDDT) by 90.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 6,609 shares of the company’s stock after acquiring an additional 3,147 shares during the quarter. Lecap Asset Management Ltd.’s holdings in Reddit were worth $1,519,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Huntington National Bank lifted its position in shares of Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after buying an additional 55 shares during the last quarter. Roxbury Financial LLC lifted its position in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after buying an additional 64 shares during the last quarter. AdvisorNet Financial Inc lifted its position in shares of Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after buying an additional 66 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its position in shares of Reddit by 5.0% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after buying an additional 69 shares during the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after buying an additional 72 shares during the last quarter.

Reddit Stock Up 0.6%

Shares of RDDT opened at $163.41 on Friday. Reddit Inc. has a 12-month low of $90.78 and a 12-month high of $282.95. The business has a 50-day simple moving average of $141.63 and a two-hundred day simple moving average of $187.25. The stock has a market cap of $31.22 billion, a PE ratio of 62.37, a PEG ratio of 1.18 and a beta of 2.40.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. On average, equities research analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on RDDT. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. JPMorgan Chase & Co. dropped their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Roth Mkm upped their target price on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. Finally, Bank of America lowered their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $237.46.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 19,036 shares of Reddit stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,507 shares of Reddit stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders purchased 61,000 shares of company stock valued at $8,870,815 and sold 312,441 shares valued at $49,664,410. 34.25% of the stock is owned by company insiders.

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.