Picton Mahoney Asset Management Takes $19.67 Million Position in Reddit, Inc. (NYSE:RDDT)

Picton Mahoney Asset Management acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel reports. The fund acquired 120,376 shares of the company’s stock, valued at approximately $19,673,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Entropy Technologies LP bought a new stake in Reddit during the third quarter worth approximately $231,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Reddit by 64.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock worth $33,808,000 after buying an additional 201,776 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Reddit by 903.8% during the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after buying an additional 453,894 shares in the last quarter. Claro Advisors LLC bought a new stake in Reddit during the third quarter worth approximately $1,879,000. Finally, Prospera Financial Services Inc purchased a new stake in shares of Reddit in the 3rd quarter valued at approximately $248,000.

Reddit Trading Up 5.1 %

Reddit stock opened at $127.71 on Friday. The company has a market capitalization of $23.10 billion and a P/E ratio of -16.52. The firm’s fifty day simple moving average is $177.06 and its 200-day simple moving average is $132.71. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

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

Analyst Ratings Changes

Several brokerages recently commented on RDDT. Bank of America upped their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Citigroup restated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. JMP Securities upped their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird upped their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average target price of $173.45.

Insider Activity at Reddit

In related news, Director David C. Habiger purchased 774 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This trade represents a 2.58 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 393,386 shares of company stock worth $66,673,388.

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.