Daiwa Securities Group Inc. Purchases 36,736 Shares of Reddit, Inc. (NYSE:RDDT)

Daiwa Securities Group Inc. increased its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 2,858.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 38,021 shares of the company's stock after purchasing an additional 36,736 shares during the period. Daiwa Securities Group Inc.'s holdings in Reddit were worth $6,215,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were 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 owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares in the company, valued at $109,415,090.20. This represents a 2.20 % 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 worth $66,673,388.

Reddit Trading Up 6.5 %

NYSE RDDT opened at $130.74 on Thursday. The firm has a market capitalization of $23.65 billion and a price-to-earnings ratio of -16.91. The firm's 50 day simple moving average is $178.95 and its 200 day simple moving average is $132.30. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. Bank of America upped their target price on shares of Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. upped 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. Citigroup reaffirmed a "neutral" rating on shares of Reddit in a report on Thursday, February 13th. Finally, Seaport Res Ptn raised shares of Reddit to a "hold" rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $173.45.

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.

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