Bayesian Capital Management LP Takes Position in Reddit Inc. $RDDT
Bayesian Capital Management LP acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 16,000 shares of the company's stock, valued at approximately $2,409,000. Other hedge funds have also modified their holdings of the company. Alliancebernstein L.P. grew its stake in Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company's stock worth $593,733,000 after buying an additional 2,871,232 shares during the last quarter. Norges Bank bought a new position in shares of Reddit in the second quarter valued at approximately $294,254,000. Amundi boosted its holdings in shares of Reddit by 2,060.5% in the 2nd quarter. Amundi now owns 1,307,231 shares of the company's stock worth $208,294,000 after acquiring an additional 1,246,725 shares in the last quarter. State Street Corp grew its position in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company's stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Reddit by 21,703.0% during the 2nd quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company's stock worth $164,021,000 after acquiring an additional 1,056,069 shares during the last quarter. Reddit Stock Down 2.2%Shares of NYSE RDDT opened at $232.85 on Friday. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a market cap of $44.13 billion, a price-to-earnings ratio of 133.82, a P/E/G ratio of 2.63 and a beta of 2.17. The company's fifty day moving average is $205.97 and its 200-day moving average is $190.15. Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm's quarterly revenue was up 67.9% on a year-over-year basis. During the same period last year, the business posted $0.16 earnings per share. On average, research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year. Analyst Ratings ChangesSeveral brokerages have issued reports on RDDT. B. Riley reiterated a "buy" rating and issued a $245.00 price objective (up previously from $235.00) on shares of Reddit in a research report on Friday, October 31st. Jefferies Financial Group lifted their price target on Reddit from $300.00 to $325.00 and gave the company a "buy" rating in a report on Thursday. Raymond James Financial reissued a "strong-buy" rating and set a $250.00 price objective (up previously from $225.00) on shares of Reddit in a report on Monday, October 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, October 31st. Finally, Cannonball Research reiterated a "buy" rating on shares of Reddit in a research report on Tuesday, September 23rd. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $230.28.Check Out Our Latest Research Report on RDDTInsider ActivityIn related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $261.22, for a total value of $4,701,960.00. Following the sale, the chief executive officer owned 494,104 shares of the company's stock, valued at approximately $129,069,846.88. The trade was a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company's stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. The trade was a 12.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 405,619 shares of company stock worth $85,742,898 in the last quarter. Corporate insiders own 34.25% of the company's stock. About Reddit (Free Report)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.Recommended StoriesThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. 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