MGO One Seven LLC Takes $747,000 Position in Reddit, Inc. (NYSE:RDDT)

MGO One Seven LLC bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,568 shares of the company's stock, valued at approximately $747,000.

A number of other hedge funds have also added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. grew its stake in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Jennison Associates LLC acquired a new position in shares of Reddit during the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. raised 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 purchasing an additional 2,537,768 shares in the last quarter. Finally, Brooklyn FI LLC acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $303,082,000.

Reddit Stock Up 5.4 %

Shares of Reddit stock opened at $118.35 on Friday. Reddit, Inc. has a 12-month low of $44.15 and a 12-month high of $230.41. The company has a market capitalization of $21.41 billion and a price-to-earnings ratio of -15.31. The firm's 50-day moving average price is $122.11 and its two-hundred day moving average price is $142.14.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the sale, the chief financial officer now directly owns 499,295 shares in the company, valued at $61,952,523.60. This trade represents a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 725,270 shares of company stock valued at $97,067,425.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Loop Capital restated a "buy" rating and set a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Guggenheim cut their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Morgan Stanley dropped their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Truist Financial began coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. Finally, Raymond James decreased their target price on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus target price of $142.22.

Reddit 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.

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