Invesco Ltd. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 721,958 shares of the company's stock, valued at approximately $117,997,000. Invesco Ltd. owned approximately 0.41% of Reddit at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Plato Investment Management Ltd bought a new stake in shares of Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC increased its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit in the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $33,000.
Insider Activity at Reddit
In related news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company's stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 603,794 shares of company stock valued at $89,386,704.
Wall Street Analysts Forecast Growth
RDDT has been the subject of a number of research reports. Morgan Stanley increased their price target on Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Robert W. Baird upped their price objective on Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Needham & Company LLC reiterated a "buy" rating and set a $220.00 target price on shares of Reddit in a research report on Friday, March 21st. Raymond James decreased their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.18.
View Our Latest Analysis on Reddit
Reddit Stock Down 2.0 %
NYSE:RDDT traded down $1.94 during trading hours on Tuesday, reaching $96.33. The company had a trading volume of 4,040,734 shares, compared to its average volume of 5,497,464. The business's 50-day simple moving average is $139.02 and its two-hundred day simple moving average is $140.27. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The firm has a market cap of $17.43 billion and a price-to-earnings ratio of -12.46.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.
Reddit Company Profile
(
Free Report)
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.
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