Envestnet Asset Management Inc. Purchases 78,319 Shares of Reddit, Inc. (NYSE:RDDT)

Envestnet Asset Management Inc. raised its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 2,292.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 81,736 shares of the company's stock after acquiring an additional 78,319 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Reddit were worth $13,359,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Jennison Associates LLC purchased a new stake in Reddit during the 4th quarter worth about $494,861,000. Renaissance Capital LLC boosted its position in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. increased its holdings in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new stake in Reddit in the 4th quarter worth approximately $327,000.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on RDDT shares. Guggenheim lowered their price objective on Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. Loop Capital reissued a "buy" rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a research report on Thursday, February 6th. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target on the stock. Finally, JMP Securities set a $155.00 price objective on shares of Reddit in a report on Friday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and an average price target of $142.22.

Reddit Stock Performance

Shares of RDDT traded up $0.66 on Friday, reaching $96.04. The stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,533,051. Reddit, Inc. has a 12-month low of $40.51 and a 12-month high of $230.41. The firm has a market capitalization of $17.37 billion and a price-to-earnings ratio of -12.42. The company has a 50-day simple moving average of $131.49 and a 200-day simple moving average of $140.37.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates 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, analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated 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 transaction, the insider now directly owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David C. Habiger purchased 774 shares of Reddit stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the transaction, the director now directly owns 30,808 shares of the company's stock, valued at $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 714,202 shares of company stock worth $96,326,958.

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.