Private Tech Closed-End Fund Peels Back After 1,000% Surge [BNN Bloomberg (Canada)]
Reddit, Inc. Class A (RDDT)
Company Research
Source: BNN Bloomberg
Destiny Tech100 Inc., which trades on the New York Stock Exchange as DXYZ, spiraled as much as 45%, trimming gains from its debut last month to about 700%. The fund's shares are incredibly volatile, reminiscent of 2021's meme stock mania, as trading had to be halted at least four times in the opening 30 minutes of Tuesday's session. Read more: Matt Levine's Money Stuff: Public Funds for Private Markets With Destiny Tech100 trading at $64 a piece, it's still being valued more than 13 times higher than the underlying assets that it holds, according to its most recent regulatory filing. The fund computes its net asset value on a quarterly basis and said its positions in the more than 20 companies was worth about $54.3 million at fair value — that compares to an implied market capitalization of nearly $700 million. The volatility captured the attention of popular trader chatrooms including Reddit Inc.'s WallStreetBets forum and StockTwits in recent days as the fund shot up from a $
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RDDT
News
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at The Goldman Sachs Group, Inc. from $40.00 to $55.00. They now have a "neutral" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at Citigroup Inc. from $53.00 to $65.00. They now have a "buy" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at JMP Securities from $53.00 to $63.00. They now have a "market outperform" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at Sanford C. Bernstein from $40.00 to $45.00. They now have an "underperform" rating on the stock.MarketBeat
- Reddit, Inc. (NYSE: RDDT) had its price target raised by analysts at Roth Mkm from $50.00 to $61.00. They now have a "buy" rating on the stock.MarketBeat
RDDT
Earnings
- 5/7/24 - Beat
RDDT
Sec Filings
- 5/8/24 - Form 10-Q
- 5/7/24 - Form 8-K
- 5/3/24 - Form SC
- RDDT's page on the SEC website