OVERSEA CHINESE BANKING Corp Ltd Purchases Shares of 41,200 Reddit, Inc. (NYSE:RDDT)

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 41,200 shares of the company's stock, valued at approximately $6,744,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RDDT. FMR LLC increased its stake in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC acquired a new stake in Reddit in the fourth quarter worth about $494,861,000. Point72 Asset Management L.P. boosted its holdings in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Holocene Advisors LP lifted its holdings in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Brooklyn FI LLC acquired a new stake in shares of Reddit during the fourth quarter worth about $303,082,000.

Insider Buying and Selling at Reddit

In related news, Director David C. Habiger purchased 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the transaction, the director now owns 30,808 shares of the company's stock, valued at $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the sale, the chief technology officer now owns 324,837 shares in the company, valued at $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 503,794 shares of company stock worth $78,350,874 over the last quarter.

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Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Guggenheim decreased their target price on Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday. JMP Securities lifted their price target on Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research report on Thursday, February 13th. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, Jefferies Financial Group boosted their price objective on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $162.68.

Reddit Stock Up 6.2 %

NYSE RDDT traded up $6.71 during mid-day trading on Friday, hitting $115.46. The stock had a trading volume of 7,971,329 shares, compared to its average volume of 5,518,548. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. The company has a 50 day simple moving average of $171.19 and a 200 day simple moving average of $135.16.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share 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.