Reddit, Inc. (NYSE:RDDT) Shares Bought by Mariner LLC

Mariner LLC raised its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 244.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,650 shares of the company's stock after acquiring an additional 15,361 shares during the quarter. Mariner LLC's holdings in Reddit were worth $3,538,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Plato Investment Management Ltd purchased a new position in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit in the 4th quarter valued at $33,000.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total transaction of $12,024,033.20. Following the completion of the sale, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. The trade was a 17.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 709,202 shares of company stock valued at $95,406,208.

Analysts Set New Price Targets

Several research analysts have issued reports on RDDT shares. Loop Capital reissued a "buy" rating and set a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. JMP Securities set a $155.00 price target on Reddit in a research report on Friday, March 28th. Morgan Stanley decreased their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. B. Riley lifted their target price on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Finally, Raymond James cut their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $142.22.

Reddit Price Performance

RDDT traded up $4.90 during midday trading on Thursday, reaching $112.07. 4,075,194 shares of the company's stock were exchanged, compared to its average volume of 5,564,466. Reddit, Inc. has a 1-year low of $40.85 and a 1-year high of $230.41. The stock has a market capitalization of $20.27 billion and a PE ratio of -14.50. The business's 50-day moving average price is $125.17 and its 200 day moving average price is $141.03.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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, analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

About Reddit

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.