LPL Financial LLC lifted its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 229.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,784 shares of the company's stock after acquiring an additional 45,844 shares during the quarter. LPL Financial LLC's holdings in Reddit were worth $10,752,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of RDDT. Jennison Associates LLC acquired a new stake in Reddit during the 4th quarter worth about $494,861,000. Brooklyn FI LLC acquired a new stake in shares of Reddit during the fourth quarter worth approximately $303,082,000. Lord Abbett & CO. LLC grew its position in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock valued at $108,792,000 after purchasing an additional 1,548,450 shares in the last quarter. Proficio Capital Partners LLC increased its stake in Reddit by 16,582.9% in the 4th quarter. Proficio Capital Partners LLC now owns 965,604 shares of the company's stock valued at $157,818,000 after buying an additional 959,816 shares during the period. Finally, Geode Capital Management LLC lifted its position in Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company's stock worth $54,355,000 after buying an additional 525,619 shares in the last quarter.
Reddit Stock Performance
Shares of NYSE:RDDT traded down $10.18 on Friday, hitting $86.72. 13,250,214 shares of the company were exchanged, compared to its average volume of 5,366,269. The company's 50 day moving average price is $159.78 and its two-hundred day moving average price is $138.00. The firm has a market capitalization of $15.69 billion and a price-to-earnings ratio of -11.22. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.
Insiders Place Their Bets
In related news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares of the company's stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock worth $89,386,704 over the last 90 days.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the stock. Robert W. Baird boosted their price target on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. JMP Securities set a $155.00 target price on Reddit in a research report on Friday, March 28th. Roth Capital lowered Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Redburn Partners set a $75.00 price objective on Reddit in a report on Monday, March 17th. Finally, Morgan Stanley lifted their target price on shares of Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $163.00.
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Reddit Profile
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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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