Soros Capital Management LLC Takes $10.30 Million Position in Reddit, Inc. (NYSE:RDDT)

Soros Capital Management LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 63,020 shares of the company’s stock, valued at approximately $10,300,000. Reddit makes up approximately 1.6% of Soros Capital Management LLC’s holdings, making the stock its 23rd largest position.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter worth $494,861,000. Alliancebernstein L.P. lifted its position in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC purchased a new position in Reddit in the 4th quarter worth approximately $303,082,000. Finally, GQG Partners LLC purchased a new position in Reddit during the fourth quarter valued at $271,539,000.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. This represents a 17.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 714,202 shares of company stock valued at $96,326,958.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday, March 17th. The Goldman Sachs Group cut their target price on shares of Reddit from $185.00 to $124.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Truist Financial initiated coverage on shares of Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 target price on the stock. Finally, Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $142.22.

Reddit Stock Up 0.7 %

RDDT stock opened at $96.04 on Monday. Reddit, Inc. has a 52 week low of $40.51 and a 52 week high of $230.41. The stock has a market capitalization of $17.37 billion and a PE ratio of -12.42. The firm has a 50 day moving average of $131.49 and a 200 day moving average of $141.39.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.