Sivia Capital Partners LLC Grows Stake in Reddit, Inc. (NYSE:RDDT)

Sivia Capital Partners LLC boosted its holdings in Reddit, Inc. (NYSE:RDDT) by 277.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 184,577 shares of the company’s stock after acquiring an additional 135,700 shares during the quarter. Reddit accounts for 15.0% of Sivia Capital Partners LLC’s portfolio, making the stock its largest position. Sivia Capital Partners LLC owned about 0.11% of Reddit worth $30,167,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its stake in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares in the last quarter. Wellington Management Group LLP raised its position in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after acquiring an additional 248,499 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Reddit by 903.8% in the 3rd quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after purchasing an additional 453,894 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after purchasing an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. bought a new stake in shares of Reddit in the 3rd quarter worth approximately $7,490,000.

Reddit Price Performance

NYSE RDDT traded down $3.34 during trading on Monday, reaching $163.74. The company’s stock had a trading volume of 3,498,419 shares, compared to its average volume of 4,959,943. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $187.69. The business has a 50-day moving average price of $153.44 and a 200-day moving average price of $97.22.

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

Insider Activity

In other news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the transaction, the chief technology officer now directly owns 324,837 shares in the company, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $75.43, for a total value of $1,056,020.00. Following the completion of the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $49,163,388.25. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 264,357 shares of company stock valued at $35,297,700.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JMP Securities lifted their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Loop Capital boosted their target price on Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Robert W. Baird increased their price target on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Finally, Bank of America raised their target price on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $136.75.

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.