Hood River Capital Management LLC Increases Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Hood River Capital Management LLC lifted its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 80,678 shares of the company's stock after purchasing an additional 4,118 shares during the period. Hood River Capital Management LLC's holdings in Reddit were worth $13,186,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new stake in Reddit during the 4th quarter valued at about $494,861,000. Alliancebernstein L.P. grew its position in Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after acquiring an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC purchased a new position in Reddit in the 4th quarter worth approximately $303,082,000. Finally, GQG Partners LLC bought a new stake in Reddit in the fourth quarter valued at approximately $271,539,000.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a report on Thursday, February 6th. Robert W. Baird raised their price target on shares of Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. JMP Securities set a $155.00 price objective on shares of Reddit in a research note on Friday, March 28th. Loop Capital reissued a "buy" rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, Piper Sandler lowered their price target on Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average price target of $142.22.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 725,270 shares of company stock valued at $97,067,425.

Reddit Trading Up 5.4 %

NYSE:RDDT traded up $6.10 during trading hours on Friday, reaching $118.35. 8,681,578 shares of the company traded hands, compared to its average volume of 5,593,334. The business's 50-day moving average price is $122.11 and its two-hundred day moving average price is $141.65. Reddit, Inc. has a 1 year low of $42.65 and a 1 year high of $230.41. The stock has a market capitalization of $21.41 billion and a P/E ratio of -15.31.

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 return on equity of 24.71% and a negative net margin of 37.25%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

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.