Lecap Asset Management Ltd. Buys Shares of 3,462 Reddit Inc. $RDDT

Lecap Asset Management Ltd. purchased a new position in Reddit Inc. (NYSE:RDDT) in the third quarter, Holdings Channel reports. The fund purchased 3,462 shares of the company’s stock, valued at approximately $796,000.

Other hedge funds have also made changes to their positions in the company. Anson Funds Management LP bought a new position in shares of Reddit in the 1st quarter valued at approximately $13,288,000. Royal Bank of Canada grew its holdings in Reddit by 60.5% during the first quarter. Royal Bank of Canada now owns 125,663 shares of the company’s stock valued at $13,182,000 after purchasing an additional 47,389 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC acquired a new stake in shares of Reddit in the first quarter worth $213,000. Finally, Woodline Partners LP boosted its holdings in shares of Reddit by 302.7% during the 1st quarter. Woodline Partners LP now owns 92,808 shares of the company’s stock worth $9,736,000 after buying an additional 69,760 shares during the period.

Reddit Trading Down 0.6%

Shares of NYSE:RDDT opened at $253.87 on Friday. The business’s 50 day moving average is $217.70 and its 200-day moving average is $206.10. The firm has a market capitalization of $48.11 billion, a PE ratio of 145.90, a PEG ratio of 1.72 and a beta of 2.17. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.50 by $0.30. The firm had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. During the same period last year, the business earned $0.16 earnings per share. On average, sell-side analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent analyst reports. Citigroup lifted their target price on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Sanford C. Bernstein raised their price target on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Friday, October 31st. Jefferies Financial Group boosted their price objective on Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. JMP Securities restated a “market outperform” rating and set a $300.00 target price on shares of Reddit in a research note on Friday, October 3rd. Finally, Truist Financial set a $270.00 price target on Reddit in a research report on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $230.65.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 63,427 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the completion of the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at $228,282,236.16. This trade represents a 5.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. The trade was a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 474,246 shares of company stock valued at $99,908,227 over the last quarter. 34.25% of the stock is currently owned by insiders.

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.