Fmr LLC Buys 913,189 Shares of Reddit, Inc. (NYSE:RDDT)

FMR LLC increased its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 7.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,070,780 shares of the company's stock after acquiring an additional 913,189 shares during the quarter. FMR LLC owned about 7.44% of Reddit worth $2,136,288,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RDDT. Russell Investments Group Ltd. increased its stake in Reddit by 1,419.3% in the 4th quarter. Russell Investments Group Ltd. now owns 167,925 shares of the company's stock worth $27,573,000 after acquiring an additional 156,872 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Reddit by 2,292.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company's stock valued at $13,359,000 after purchasing an additional 78,319 shares in the last quarter. Wedbush Securities Inc. bought a new stake in Reddit during the fourth quarter valued at approximately $368,000. Katamaran Capital LLP purchased a new position in Reddit in the 4th quarter worth approximately $424,000. Finally, Wells Fargo & Company MN raised its position in shares of Reddit by 909.3% during the 4th quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after buying an additional 87,554 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts recently issued reports on RDDT shares. Bank of America cut their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday. Piper Sandler reduced their price objective on Reddit from $220.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday. Redburn Partners set a $75.00 target price on Reddit in a research note on Monday, March 17th. Guggenheim decreased their price target on shares of Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Reddit in a research note on Friday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on 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

NYSE:RDDT traded down $8.56 during trading hours on Thursday, hitting $102.30. The company had a trading volume of 4,176,588 shares, compared to its average volume of 5,471,093. The stock has a 50-day moving average price of $148.19 and a 200 day moving average price of $139.38. The company has a market capitalization of $18.51 billion and a PE ratio of -13.18. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its 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 net margin of 37.25% and a negative return on equity of 24.71%. Analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 603,794 shares of company stock worth $89,386,704.

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.