Arizona State Retirement System Increases Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Arizona State Retirement System increased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 131.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,292 shares of the company's stock after purchasing an additional 9,251 shares during the quarter. Arizona State Retirement System's holdings in Reddit were worth $2,663,000 at the end of the most recent reporting period.

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

Insider Activity

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the company's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock valued at $66,673,388 over the last 90 days.

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Analysts Set New Price Targets

Several equities analysts have commented on RDDT shares. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a research note on Thursday, February 6th. Raymond James lowered their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on shares of Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Jefferies Financial Group boosted their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Finally, B. Riley lifted their price target on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average price target of $173.45.

Reddit Price Performance

Reddit stock traded up $8.14 during mid-day trading on Wednesday, reaching $130.87. The company had a trading volume of 7,598,135 shares, compared to its average volume of 5,588,618. The stock's 50-day simple moving average is $179.61 and its 200-day simple moving average is $132.31. The company has a market capitalization of $23.68 billion and a P/E ratio of -17.03. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.