Geode Capital Management LLC Raises Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Geode Capital Management LLC raised its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 25.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,036,883 shares of the company's stock after buying an additional 212,683 shares during the quarter. Geode Capital Management LLC owned about 0.59% of Reddit worth $169,557,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Cerity Partners LLC purchased a new position in Reddit during the 3rd quarter valued at about $446,000. The Manufacturers Life Insurance Company purchased a new position in shares of Reddit during the third quarter valued at approximately $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in shares of Reddit in the 3rd quarter worth approximately $349,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Reddit in the 3rd quarter worth approximately $2,724,000. Finally, HighTower Advisors LLC increased its position in Reddit by 154.0% during the 3rd quarter. HighTower Advisors LLC now owns 11,699 shares of the company's stock valued at $770,000 after buying an additional 7,094 shares in the last quarter.

Reddit Price Performance

Shares of RDDT stock traded down $10.05 during mid-day trading on Thursday, hitting $100.81. The stock had a trading volume of 2,959,814 shares, compared to its average volume of 7,667,061. The firm has a market capitalization of $18.24 billion and a P/E ratio of -13.09. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The firm's 50-day moving average is $148.19 and its two-hundred day moving average is $139.38.

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Reddit (NYSE:RDDT - Get Free Report) last posted 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%. Analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

RDDT has been the topic of several analyst reports. The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. Raymond James reduced their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research report on Tuesday, January 14th. JPMorgan Chase & Co. dropped their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday. Finally, Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $151.73.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at $59,593,902.64. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 over the last 90 days.

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.