440,634 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Norges Bank

Norges Bank acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 440,634 shares of the company's stock, valued at approximately $72,017,000. Norges Bank owned approximately 0.25% of Reddit as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Reddit in the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC lifted its position in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after acquiring an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock valued at $16,831,000 after buying an additional 248,499 shares during the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 603,794 shares of company stock worth $89,386,704.

Reddit Price Performance

Shares of NYSE:RDDT traded down $10.18 during trading on Friday, hitting $86.72. 13,250,214 shares of the company's stock were exchanged, compared to its average volume of 5,375,996. The business's 50-day simple moving average is $157.86 and its 200 day simple moving average is $139.25. The company has a market cap of $15.69 billion and a price-to-earnings ratio of -11.22. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Robert W. Baird upped their target price on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Morgan Stanley raised their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Redburn Atlantic initiated coverage on shares of Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price for the company. JPMorgan Chase & Co. increased their price target on Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Finally, Loop Capital reaffirmed a "buy" rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $163.00.

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.