Pictet Asset Management Holding SA Increases Holdings in Reddit, Inc. (NYSE:RDDT)

Pictet Asset Management Holding SA boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 123.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,244 shares of the company's stock after purchasing an additional 4,009 shares during the quarter. Pictet Asset Management Holding SA's holdings in Reddit were worth $1,184,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Jennison Associates LLC bought a new position in Reddit during the fourth quarter valued at $494,861,000. Renaissance Capital LLC lifted its stake in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. raised its holdings 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 buying an additional 46,127 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock valued at $16,831,000 after acquiring an additional 248,499 shares during the period.

Remove Ads

Reddit Stock Performance

NYSE RDDT traded down $1.60 on Tuesday, reaching $91.40. 6,934,787 shares of the company's stock traded hands, compared to its average volume of 5,408,018. The stock has a 50 day moving average price of $156.11 and a 200-day moving average price of $139.45. The firm has a market cap of $16.53 billion and a price-to-earnings ratio of -11.89. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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 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, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, Director David C. Habiger purchased 774 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now owns 30,808 shares of the company's stock, valued at $4,016,130.88. This represents a 2.58 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Monday, March 31st. The shares were 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 owns 577,013 shares in the company, valued at $59,593,902.64. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock valued at $89,386,704 in the last 90 days.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group boosted their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Truist Financial began coverage on shares of Reddit in a report on Monday. They set a "buy" rating and a $150.00 target price on the stock. Raymond James lowered their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Redburn Partners set a $75.00 price objective on shares of Reddit in a research note on Monday, March 17th. Finally, Citigroup reiterated an "outperform" rating on shares of Reddit in a report on Friday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $159.00.

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.