Lord Abbett & CO. LLC grew its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 12.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,861,998 shares of the company's stock after buying an additional 211,636 shares during the quarter. Reddit makes up 1.0% of Lord Abbett & CO. LLC's portfolio, making the stock its 14th largest position. Lord Abbett & CO. LLC owned about 1.06% of Reddit worth $304,325,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Vanguard Group Inc. boosted its stake in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. boosted its stake in shares of 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 period. Brooklyn FI LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $303,082,000. Finally, GQG Partners LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $271,539,000.
Wall Street Analyst Weigh In
Several brokerages have recently commented on RDDT. Oppenheimer began coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. Seaport Res Ptn upgraded Reddit to a "hold" rating in a research note on Thursday, February 6th. Bank of America reduced their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Piper Sandler reduced their price target on Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Finally, Guggenheim reduced their price target on Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $142.22.
Check Out Our Latest Stock Report on RDDT
Reddit Stock Performance
Shares of Reddit stock traded up $3.06 during trading on Monday, reaching $121.16. 8,879,364 shares of the company's stock were exchanged, compared to its average volume of 5,617,844. Reddit, Inc. has a 1-year low of $44.15 and a 1-year high of $230.41. The company has a market cap of $21.92 billion and a P/E ratio of -15.67. The firm's 50-day moving average price is $122.11 and its 200 day moving average price is $142.64.
Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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 research analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.
Insiders Place Their Bets
In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,068 shares of the stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $111.28, for a total value of $563,967.04. Following the completion of the sale, the chief technology officer now directly owns 20,184 shares of the company's stock, valued at approximately $2,246,075.52. The trade was a 20.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 725,270 shares of company stock valued at $97,067,425 in the last 90 days.
About Reddit
(
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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