KLP Kapitalforvaltning AS Purchases Shares of 11,400 Reddit, Inc. (NYSE:RDDT)

KLP Kapitalforvaltning AS purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 11,400 shares of the company's stock, valued at approximately $1,863,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the third 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 period. Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $494,861,000. Holocene Advisors LP increased its stake in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the period. Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% during the third 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 in the last quarter. Finally, Brooklyn FI LLC acquired a new stake in Reddit in the fourth quarter valued at about $303,082,000.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. Loop Capital reissued a "buy" rating and set a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Roth Mkm cut Reddit from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Redburn Partners set a $75.00 price target on shares of Reddit in a research note on Monday, March 17th. Wells Fargo & Company reduced their price objective on shares of Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday. Finally, B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Two investment analysts have 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $163.00.

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Reddit Stock Performance

NYSE RDDT traded down $3.91 during mid-day trading on Monday, reaching $103.81. 6,227,169 shares of the stock were exchanged, compared to its average volume of 5,314,415. The stock has a market capitalization of $18.78 billion and a PE ratio of -13.36. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The business's fifty day simple moving average is $165.95 and its 200 day simple moving average is $137.81.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data 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%. On average, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 11,000 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 $1,364,880.00. Following the transaction, the chief technology officer now directly owns 281,213 shares of the company's stock, valued at approximately $34,892,909.04. This trade represents a 3.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 603,794 shares of company stock valued at $90,255,404.

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.