Woodson Capital Management LP Invests $18.79 Million in Reddit, Inc. (NYSE:RDDT)

Woodson Capital Management LP bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 3rd quarter, HoldingsChannel reports. The firm bought 284,980 shares of the company’s stock, valued at approximately $18,786,000. Reddit accounts for about 3.7% of Woodson Capital Management LP’s holdings, making the stock its 9th largest position.

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

Insider Activity

In other news, COO Jennifer L. Wong sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $65.01, for a total value of $3,250,500.00. Following the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $100,275,129.57. This represents a 3.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 311,644 shares of company stock worth $29,210,730.

Analysts Set New Price Targets

Several research analysts have recently commented on RDDT shares. The Goldman Sachs Group increased their price target on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Monday, October 14th. Needham & Company LLC boosted their target price on Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Sanford C. Bernstein boosted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday. Finally, Loop Capital boosted their price objective on Reddit from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $98.17.

Reddit Stock Performance

Shares of RDDT opened at $140.04 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $158.49. The stock’s 50-day moving average price is $98.23 and its 200 day moving average price is $73.70.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Equities analysts predict that Reddit, Inc. will post -3.63 EPS for the current year.

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.