Clough Capital Partners L P Acquires 13,133 Shares of Reddit Inc. $RDDT

Clough Capital Partners L P boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 382.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 16,563 shares of the company’s stock after purchasing an additional 13,133 shares during the quarter. Clough Capital Partners L P’s holdings in Reddit were worth $3,807,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Huntington National Bank boosted its stake in Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the period. Institute for Wealth Management LLC. boosted its stake in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC boosted its stake in Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares during the period. Florida Financial Advisors LLC lifted its position in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of Reddit by 9.9% in the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after acquiring an additional 72 shares during the period.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,636,083.64. This represents a 4.59% 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. Insiders sold 211,334 shares of company stock valued at $33,715,773 in the last three months. Corporate insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Citizens Jmp reduced their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Oppenheimer reiterated an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a research report on Friday, May 1st. Finally, DA Davidson reiterated a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Price Performance

Reddit stock opened at $165.98 on Thursday. The company has a market capitalization of $31.95 billion, a PE ratio of 47.42 and a beta of 1.91. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The business has a 50 day simple moving average of $159.63 and a 200 day simple moving average of $175.98.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same period last year, the firm posted $0.13 EPS. The business’s revenue was up 69.1% on a year-over-year basis. Equities analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal 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.