3,027,784 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Jennison Associates LLC

Jennison Associates LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,027,784 shares of the company's stock, valued at approximately $494,861,000. Jennison Associates LLC owned about 1.72% of Reddit as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of the stock. FMR LLC raised its position in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. bought a new position in Reddit during the 3rd quarter worth $474,403,000. Holocene Advisors LP raised its position in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. raised its position in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of Reddit stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 259,357 shares of company stock worth $41,121,108.

Reddit Price Performance

RDDT stock traded down $4.25 during mid-day trading on Thursday, reaching $216.91. 6,397,394 shares of the company traded hands, compared to its average volume of 4,763,005. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $222.44. The firm's 50 day moving average price is $173.19 and its 200 day moving average price is $111.88.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. Roth Capital lowered Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. The Goldman Sachs Group increased their price target on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a report on Tuesday, January 14th. Wells Fargo & Company initiated coverage on Reddit in a report on Wednesday, December 11th. They set an "overweight" rating and a $206.00 price target for the company. Piper Sandler increased their price target on Reddit from $150.00 to $197.00 and gave the stock an "overweight" rating in a report on Tuesday, January 14th. Finally, JMP Securities increased their price target on Reddit from $160.00 to $190.00 and gave the stock a "market outperform" rating in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $159.70.

Reddit Company 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.