Charles Schwab Investment Management Inc. Increases Stock Position in Reddit, Inc. (NYSE:RDDT)

Charles Schwab Investment Management Inc. increased its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 27.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 642,456 shares of the company's stock after acquiring an additional 139,135 shares during the period. Charles Schwab Investment Management Inc. owned about 0.37% of Reddit worth $105,003,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in RDDT. FMR LLC grew its position in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC bought a new stake in Reddit in the 4th quarter worth approximately $494,861,000. Point72 Asset Management L.P. grew its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP grew its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC grew its position in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Analysts Set New Price Targets

A number of equities research analysts have commented on RDDT shares. B. Riley lifted their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Loop Capital boosted their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Raymond James boosted their price objective on shares of Reddit from $200.00 to $250.00 and gave the company a "strong-buy" rating in a research report on Monday, February 10th. Morgan Stanley boosted their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Finally, Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $175.95.

Remove Ads

Reddit Trading Down 11.0 %

Shares of NYSE:RDDT opened at $134.14 on Monday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company has a 50-day moving average price of $181.61 and a 200 day moving average price of $131.51. The company has a market cap of $24.27 billion and a price-to-earnings ratio of -17.35.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares of the company's stock, valued at $6,491,655.80. This represents a 12.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. 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 have sold 393,386 shares of company stock valued at $66,673,388.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.