Capula Management Ltd Invests $2.89 Million in Reddit Inc. $RDDT

Capula Management Ltd purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 12,564 shares of the company’s stock, valued at approximately $2,890,000.

A number of other hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC increased its position in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new position in Reddit during the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares during the last quarter. Focus Partners Wealth boosted its holdings in Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period.

Reddit Stock Performance

Shares of RDDT stock opened at $132.21 on Friday. The firm’s 50 day moving average price is $177.60 and its 200-day moving average price is $204.92. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The firm has a market cap of $25.26 billion, a P/E ratio of 50.46, a P/E/G ratio of 0.96 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue for the quarter was up 69.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. As a group, research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. Cantor Fitzgerald cut their price target on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. The Goldman Sachs Group decreased their price objective on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. UBS Group set a $265.00 price objective on Reddit in a research report on Tuesday, January 13th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, Evercore restated an “outperform” rating and issued a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $236.00.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 55,005 shares of Reddit stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the sale, the insider directly owned 62,608 shares of the company’s stock, valued at $13,849,515.68. The trade was a 46.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 433,335 shares of company stock valued at $89,139,359. Corporate insiders own 34.25% of the company’s stock.

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.