Norges Bank Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Norges Bank bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 440,634 shares of the company's stock, valued at approximately $72,017,000. Norges Bank owned about 0.25% of Reddit at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in RDDT. WINTON GROUP Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $208,000. Keystone Investors PTE Ltd. acquired a new position in Reddit in the fourth quarter valued at $1,029,000. GQG Partners LLC purchased a new stake in Reddit during the fourth quarter valued at about $271,539,000. Prudential Financial Inc. acquired a new stake in Reddit during the fourth quarter worth about $351,000. Finally, Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total value of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at $59,593,902.64. The trade was a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 over the last 90 days.

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Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Redburn Partners set a $75.00 target price on Reddit in a report on Monday, March 17th. Piper Sandler increased their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Morgan Stanley raised 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. B. Riley upped their price target 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. Finally, Robert W. Baird raised their price objective on Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average target price of $163.00.

Reddit Price Performance

NYSE:RDDT traded down $10.18 during mid-day trading on Friday, reaching $86.72. The stock had a trading volume of 13,250,214 shares, compared to its average volume of 5,363,163. The company has a market capitalization of $15.69 billion and a price-to-earnings ratio of -11.22. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock's 50 day simple moving average is $159.78 and its two-hundred day simple moving average is $138.00.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 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%. Sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.