Armistice Capital LLC Buys 26,000 Shares of Reddit Inc. $RDDT

Armistice Capital LLC increased its stake in shares of Reddit Inc. (NYSE:RDDT) by 51.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,600 shares of the company’s stock after purchasing an additional 26,000 shares during the quarter. Armistice Capital LLC’s holdings in Reddit were worth $17,608,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Huntington National Bank grew its stake in shares of Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the last quarter. Institute for Wealth Management LLC. grew its stake in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares during the last quarter. Roxbury Financial LLC grew its stake in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares during the last quarter. Florida Financial Advisors LLC grew its stake in shares of Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after purchasing an additional 68 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Reddit by 9.9% during the third quarter. IFP Advisors Inc now owns 796 shares of the company’s stock valued at $183,000 after purchasing an additional 72 shares during the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. The trade was a 3.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 211,334 shares of company stock worth $33,715,773. Insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Piper Sandler reissued an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research note on Friday, May 1st. Truist Financial set a $265.00 price target on shares of Reddit in a research note on Friday, May 1st. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Citigroup reissued a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Reddit in a research note on Friday, May 8th. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $230.75.

Reddit Stock Down 5.4%

Shares of NYSE RDDT opened at $165.98 on Thursday. The company’s fifty day moving average is $159.63 and its 200-day moving average is $175.98. The stock has a market cap of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same period last year, the business earned $0.13 EPS. The business’s quarterly revenue was up 69.1% on a year-over-year basis. On average, research analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Reddit Profile

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.