Chung Wu Investment Group LLC Buys Shares of 2,000 Reddit, Inc. (NYSE:RDDT)

Chung Wu Investment Group LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,000 shares of the company's stock, valued at approximately $327,000.

Other large investors also recently made changes to their positions in the company. FMR LLC boosted its holdings in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the period. Jennison Associates LLC bought a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Point72 Asset Management L.P. boosted its position in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock valued at $151,357,000 after acquiring an additional 2,225,895 shares during the period. Holocene Advisors LP boosted its holdings in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC boosted its holdings 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 valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on RDDT shares. Roth Capital cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. B. Riley raised their price objective on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They issued a "buy" rating and a $210.00 target price for the company. Finally, Robert W. Baird raised their target price on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $175.95.

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Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 393,386 shares of company stock valued at $66,673,388.

Reddit Stock Down 11.0 %

RDDT traded down $16.58 during trading on Friday, hitting $134.14. The company's stock had a trading volume of 13,824,222 shares, compared to its average volume of 5,478,177. The firm's 50 day moving average price is $181.61 and its two-hundred day moving average price is $131.51. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a market capitalization of $24.27 billion and a price-to-earnings ratio of -17.35.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.