Keystone Investors PTE Ltd. Purchases Shares of 6,294 Reddit, Inc. (NYSE:RDDT)

Keystone Investors PTE Ltd. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,294 shares of the company's stock, valued at approximately $1,029,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Reddit during the 4th quarter valued at $494,861,000. Renaissance Capital LLC raised its stake in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after purchasing an additional 139,135 shares during the period. Assetmark Inc. grew its stake in Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after buying an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock worth $16,831,000 after buying an additional 248,499 shares in the last quarter.

Analysts Set New Price Targets

RDDT has been the subject of a number of recent analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Reddit in a report on Friday. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. JMP Securities set a $155.00 price target on Reddit in a research note on Friday. Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $165.71.

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Reddit Trading Down 2.4 %

NYSE:RDDT traded down $2.66 during trading hours on Friday, hitting $107.57. 7,989,929 shares of the company were exchanged, compared to its average volume of 5,310,071. The stock has a market capitalization of $19.46 billion and a price-to-earnings ratio of -13.92. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company has a fifty day simple moving average of $165.95 and a 200 day simple moving average of $137.27.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares of the company's stock, valued at $61,952,523.60. This trade represents a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 603,794 shares of company stock worth $90,255,404.

About Reddit

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.