51,050 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Berkshire Capital Holdings Inc.

Berkshire Capital Holdings Inc. purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The firm purchased 51,050 shares of the company's stock, valued at approximately $8,344,000. Reddit makes up 3.0% of Berkshire Capital Holdings Inc.'s holdings, making the stock its 18th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Teacher Retirement System of Texas acquired a new stake in shares of Reddit in the 4th quarter worth $2,814,000. Trivest Advisors Ltd raised its stake in Reddit by 976.7% in the fourth quarter. Trivest Advisors Ltd now owns 430,680 shares of the company's stock valued at $70,390,000 after buying an additional 390,680 shares during the last quarter. Harvest Fund Management Co. Ltd acquired a new stake in Reddit in the fourth quarter worth about $161,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Reddit during the fourth quarter worth about $6,744,000. Finally, Brooklyn FI LLC acquired a new position in shares of Reddit during the fourth quarter valued at about $303,082,000.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $183,587,421.18. The trade was a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 492,794 shares of company stock valued at $76,482,524.

Remove Ads

Reddit Stock Up 8.0 %

Shares of NYSE:RDDT traded up $9.26 during trading on Monday, reaching $124.96. 8,991,827 shares of the company's stock traded hands, compared to its average volume of 5,532,521. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The company has a 50-day simple moving average of $170.39 and a 200-day simple moving average of $136.18. The firm has a market cap of $22.61 billion and a PE ratio of -16.17.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data 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 return on equity of 24.71% and a negative net margin of 37.25%. On average, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of recent analyst reports. Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday, March 17th. Robert W. Baird boosted their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. JMP Securities raised their target price on Reddit from $190.00 to $200.00 and gave the stock a "market outperform" rating in a research note on Thursday, February 13th. B. Riley boosted their price target on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Finally, The Goldman Sachs Group raised their price objective on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $162.68.

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.