Woodson Capital Management LP Buys Shares of 284,980 Reddit, Inc. (NYSE:RDDT)

Woodson Capital Management LP bought a new stake in Reddit, Inc. (NYSE:RDDT) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 284,980 shares of the company’s stock, valued at approximately $18,786,000. Reddit makes up about 3.7% of Woodson Capital Management LP’s investment portfolio, making the stock its 9th largest position. Woodson Capital Management LP owned about 0.16% of Reddit at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new position in shares of Reddit during the 1st quarter valued at about $82,167,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Reddit during the 1st quarter valued at about $37,015,000. Janus Henderson Group PLC acquired a new position in shares of Reddit during the 1st quarter valued at about $741,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Reddit during the 1st quarter valued at about $7,363,000. Finally, Moody National Bank Trust Division acquired a new position in shares of Reddit during the 2nd quarter valued at about $636,000.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $59.19, for a total value of $828,660.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $38,578,562.25. This trade represents a 2.10 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 311,644 shares of company stock valued at $29,210,730.

Reddit Stock Up 3.3 %

Shares of RDDT stock opened at $140.04 on Friday. Reddit, Inc. has a one year low of $37.35 and a one year high of $158.49. The company’s 50-day simple moving average is $98.23 and its 200-day simple moving average is $73.70.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Sell-side analysts predict that Reddit, Inc. will post -3.63 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RDDT shares. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research note on Monday, October 7th. B. Riley reissued a “buy” rating and set a $112.00 target price (up previously from $87.00) on shares of Reddit in a research report on Wednesday, October 30th. Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday. Citigroup increased their target price on shares of Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Cannonball Research started coverage on shares of Reddit in a research report on Tuesday, August 6th. They set a “buy” rating and a $67.00 target price for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $98.17.

Reddit Company 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.