11,034 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Employees Retirement System of Texas

Employees Retirement System of Texas acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 11,034 shares of the company's stock, valued at approximately $1,803,000.

Several other institutional investors have also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter worth approximately $28,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit during the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit in the 4th quarter valued at $33,000.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RDDT. Truist Financial initiated coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price on the stock. Guggenheim decreased their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Citigroup restated an "outperform" rating on shares of Reddit in a research note on Friday, March 28th. Finally, Bank of America cut their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $151.73.

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Reddit Price Performance

Shares of NYSE RDDT traded down $1.01 during mid-day trading on Friday, reaching $101.01. 4,211,959 shares of the company traded hands, compared to its average volume of 5,501,228. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock has a fifty day simple moving average of $143.88 and a 200-day simple moving average of $140.36. The firm has a market cap of $18.27 billion and a PE ratio of -13.07.

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

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of the firm's stock in a transaction 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 completion of the transaction, the chief financial officer now owns 599,295 shares of the company's stock, valued at approximately $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 603,794 shares of company stock worth $89,386,704.

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.