Peregrine Capital Management LLC Purchases 65,298 Shares of Reddit Inc. $RDDT

Peregrine Capital Management LLC lifted its position in shares of Reddit Inc. (NYSE:RDDT) by 43.5% during the 1st quarter, HoldingsChannel.com reports. The firm owned 215,279 shares of the company’s stock after buying an additional 65,298 shares during the quarter. Reddit accounts for about 1.1% of Peregrine Capital Management LLC’s holdings, making the stock its 16th biggest position. Peregrine Capital Management LLC’s holdings in Reddit were worth $28,987,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Truist Financial Corp grew its position in shares of Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after buying an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in shares of Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after acquiring an additional 12,398 shares during the last quarter. Calamos Advisors LLC bought a new position in shares of Reddit during the fourth quarter worth about $2,299,000. Handelsbanken Fonder AB raised its position in shares of Reddit by 22.9% during the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock worth $8,505,000 after acquiring an additional 6,900 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. lifted its stake in shares of Reddit by 326,400.0% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after acquiring an additional 32,640 shares during the period.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction that occurred 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 approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the sale, the chief operating officer directly 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 223,000 shares of company stock worth $36,913,785 in the last ninety days. Corporate insiders own 28.48% of the company’s stock.

Reddit Stock Down 0.4%

Shares of RDDT stock opened at $173.65 on Wednesday. The company has a market cap of $33.43 billion, a price-to-earnings ratio of 49.61 and a beta of 1.91. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The firm has a 50 day moving average of $162.94 and a 200-day moving average of $172.21.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS 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 business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period in the previous year, the company posted $0.13 EPS. The firm’s revenue was up 69.1% compared to the same quarter last year. Analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Reddit in a research report on Wednesday, June 24th. Cantor Fitzgerald upped their price objective on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Piper Sandler reiterated an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Jefferies Financial Group lowered their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Loop Capital restated a “buy” rating and issued a $260.00 target price on shares of Reddit in a report on Thursday, June 4th. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $230.75.

About Reddit

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.