Sivia Capital Partners LLC Has $30.17 Million Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Sivia Capital Partners LLC raised its holdings in Reddit, Inc. (NYSE:RDDT) by 277.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 184,577 shares of the company’s stock after buying an additional 135,700 shares during the quarter. Reddit accounts for approximately 15.0% of Sivia Capital Partners LLC’s holdings, making the stock its biggest holding. Sivia Capital Partners LLC’s holdings in Reddit were worth $30,167,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Whittier Trust Co. bought a new stake in Reddit during the third quarter worth about $42,000. Daiwa Securities Group Inc. acquired a new stake in shares of Reddit during the third quarter worth approximately $85,000. SOA Wealth Advisors LLC. boosted its holdings in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of Reddit in the 3rd quarter worth approximately $144,000.

Analysts Set New Price Targets

Several brokerages have issued reports on RDDT. Citigroup lifted their price objective on Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Piper Sandler reissued an “overweight” rating and issued a $150.00 target price (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Roth Mkm raised their price target on Reddit from $89.00 to $116.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Finally, Robert W. Baird raised their target price on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $136.75.

Reddit Price Performance

NYSE RDDT traded down $3.34 on Monday, reaching $163.74. The company had a trading volume of 3,498,419 shares, compared to its average volume of 4,959,943. The company’s fifty day moving average is $153.44 and its 200-day moving average is $97.22. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $187.69.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. Research analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 264,357 shares of company stock valued at $35,297,700.

Reddit Company 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.