Peregrine Capital Management LLC Makes New Investment in Reddit Inc. $RDDT

Peregrine Capital Management LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 149,981 shares of the company’s stock, valued at approximately $34,476,000. Reddit comprises about 1.1% of Peregrine Capital Management LLC’s portfolio, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Vanguard Group Inc. grew its stake in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the period. Invesco Ltd. grew its position in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after acquiring an additional 1,201,237 shares during the period. State Street Corp increased its stake in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter. DSM Capital Partners LLC purchased a new stake in Reddit in the third quarter valued at $182,590,000. Finally, Federated Hermes Inc. acquired a new position in shares of Reddit in the 3rd quarter valued at $165,246,000.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, February 27th. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00. Following the sale, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $59,672,618.40. This trade represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 298,441 shares worth $44,170,999. Company insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on RDDT shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. DA Davidson initiated coverage on shares of Reddit in a research report on Tuesday. They set a “buy” rating and a $200.00 price target for the company. Citigroup began coverage on shares of Reddit in a research note on Tuesday. They issued a “buy” rating on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Finally, Robert W. Baird set a $200.00 price objective on shares of Reddit in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $234.22.

Reddit Stock Down 4.2%

NYSE RDDT traded down $6.83 during trading on Thursday, hitting $157.48. The stock had a trading volume of 315,223 shares, compared to its average volume of 5,162,210. The company has a market capitalization of $30.08 billion, a PE ratio of 60.20, a PEG ratio of 1.14 and a beta of 2.40. The firm has a 50 day moving average price of $142.76 and a 200 day moving average price of $186.38. Reddit Inc. has a twelve month low of $94.89 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. On average, sell-side analysts anticipate that Reddit Inc. will post 4.02 earnings per share for the current year.

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.